GFP Real Estate and Northwind Group are in contract to sell 100 Pearl Street to German investment giant Commerz Real AG for $850 million.
100 Pearl Street, which was previously known as 7 Hanover Square, is a full-block building that spans 967,886 square feet.
GFP (Gural Family Properties) and Northwind recently completed a $250 million modernization of the property, with renovations including a reimagined lobby; the addition of a new food hall, coffee and wine bar, restaurant and penthouse floor; upgrades to the building’s infrastructure; and a tenant-exclusive rooftop and amenity lounge.
Cushman & Wakefield’s Adam Spies, Doug Harmon, Adam Doneger and Marcella Fasulo – who previously marketed a stake in the property on behalf of the owners – brokered this sale. The brokerage declined to comment.
At $850 million, the sale price equates to around $900 per square foot, making the deal one of the largest office trades to take place since the onset of the COVID pandemic
100 Pearl Street is a 29-story office building surrounded by high-density office and residential space, including 55 Water Street, the city’s largest office building. GFP and Northwind acquired the tower from Guardian Life in January 2019 for $308.5 million. Harmon and Spies brokered that deal.
With 526,552 s/f of office space in the tower NYC Health + Hospitals is the anchor tenant in the building, which is also home to a 15,000 s/f Urbanspace food hall and marketplace.