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Deals & Dealmakers Leases

Fred Alger returns downtown two decades after terror attacks crippled WTC complex

Handler Real Estate Organization has arranged a 50,040 s/f multi-floor relocation and expansion on behalf of Fred Alger Management, LLC at 100 Pearl Street.

Owned and operated by GFP Real Estate and Northwind Group, 100 Pearl Street is a Class A office tower undergoing a top-to-bottom renovation and transformation in Lower Manhattan.

Now with more than $30 billion of assets under management, Alger is returning to Downtown, where it had suffered significant losses at the original World Trade Center during the 9/11 attacks.

Nearly 20 years later, Alger has signed a long-term lease at 100 Pearl Street, where it will occupy three contiguous floors — including the addition of new, custom penthouse spaces. Alger is scheduled to move into their new offices in the fourth quarter of 2021.

“Coming back to Lower Manhattan is our triumphant return to the neighborhood we loved and where we built our business,” said Alger CEO Dan Chung.

“Taking this new, beautiful space at 100 Pearl Street, in part, commemorates those we lost during the 9/11 attacks and serves as an ongoing commitment to our team and our clients who have grown with us over the last twenty years. We thank the GFP, Handler, and Newmark teams for making this move possible.”

Under the new lease at 100 Pearl Street, Alger will occupy the 37,115 s/f 27th floor, as well as the 7,425 s/f 28th floor and 5,500 s/f 29th floor — add-on floors to be constructed as glass cubes at the top of the building with double-height ceilings and high-tech amenities, providing spectacular and unparalleled views.

The new lease agreement also includes nearly 15,000 s/f of private, wrap-around outdoor spaces on the 28th and 29th floors.

“We are proud to have partnered with GFP in bringing Fred Alger Management back to Lower Manhattan,” said Handler principal & CEO Scott Galin, who, along with Darell Handler, arranged the lease on behalf of the tenant.

“This was a special deal, completed in a special building. Alger will be moving into breath-taking space worthy of their position as a global investment manager.”

Invigorated by a $250-plus million investment by GFP to transform the nearly one-million-square-foot office tower, 100 Pearl Street will have a double-height glass-enclosed lobby and Market Hall at the base of the building.

With full block frontage, the fully transformed 29-story tower will offer brand new HVAC, vertical building transportation, and state-of-the-art security systems.

“Our team is excited about the development of 100 Pearl Street into a world-class property,” said Brian Steinwurtzel of GFP.

“We are honored that Alger has chosen our building for their return to Lower Manhattan. Their decision is a testament to the vibrancy of the neighborhood and how our repositioning of the asset made it the right fit for such a notable tenant.”

“It is gratifying to have played a part in bringing Fred Alger Management back downtown into the incredibly repositioned building at 100 Pearl Street,” said Hal Stein of Newmark Knight Frank. Stein, along with Ben Shapiro, Andrew Peretz, Dan Appel, and Travis Wilson arranged the lease on behalf of GFP.

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