GFP Real Estate and Northwind Group are pleased to announce the $850M sale of 100 Pearl Street in New York’s Financial District to Germany-based Commerz Real.
The sale marks one of the largest office sales transactions to take place in New York since the beginning of the pandemic—and underscores foreign investors’ strong interest in acquiring class A trophy office assets in the city.
GFP Real Estate and Northwind Group signed a contract to acquire the full-block property in 2018 for $308.5M. The partnership recently completed a $250M modernization of 100 Pearl that included a full renovation of the building’s lobby and infrastructure; the addition of a new food hall, coffee shop, restaurant, and wine bar; as well as the addition of a new penthouse floor featuring a tenant-exclusive rooftop and amenity lounge boasting sweeping views of the New York Harbor and New York City skyline.
“100 Pearl has been completely reimagined following an extensive gut renovation that included the addition of modern tenant focused amenity spaces and hardened infrastructure,” said Brian Steinwurtzel, co-CEO of GFP Real Estate. “We look forward to working with Commerz on 100 Pearl Street into the future and are pleased they recognized the incredible opportunity to purchase a fully leased, class A property in one of the city’s most vibrant office markets.”
Built in 1983, 100 Pearl Street is currently 93 percent occupied with long-term leases in place beyond 2050. Tenants include NYC Health + Hospitals, the Securities and Exchange Commission, New York Legal Assistance Group and Alger Asset Management.
“We are very proud of the outcome achieved by the partnership in the full transformation of 100 Pearl, making it into a one-of-a-kind asset, anchored by high quality tenants with long-term leases. We remain bullish on New York City and plan to continue and deploy significant capital in the city in years to come. With this sale Northwind is finishing 2021 having completed over $1.5 billion in real estate transactions,” said Ran Eliasaf, Founder & Managing Partner of Northwind Group
Adam Spies, Doug Harmon, Adam Doneger and Marcella Fasulo of Cushman & Wakefield arranged the transaction on behalf of the sellers.
Previously known as 7 Hanover Square, 100 Pearl Street comprises 967,886 square feet. Located between Water and Pearl Street, the building’s prime downtown location offers unobstructed views on all sides and is easily accessible via public transportation. The building is also located adjacent to Stone Street, home to a variety of popular bars and restaurants.