The Gural Family’s GFP Real Estate and their partner, Northwind Group, have closed on a $430 million construction loan to modernize 7 Hanover Square.
The venture will rename the building (which has also been known at 50 Water Street) 100 Pearl Street and has tapped a leasing team at Newmark Knight Frank to lease its vacant space.
GFP Real Estate and its partner leased the 526,552 s/f 50 Water Street portion of the 970,000 s/f building to New York City Health + Hospitals after purchasing the property for $310 million from the Guardian Life Insurance Co. last January.
“We have always believed in the re-emergence of Downtown as a place where leading tenants want to be. We are thrilled to commence construction next week and add 100 Pearl Street to GFP’s growing portfolio,” said Brian Steinwurtzel, Co-CEO of GFP Real Estate.
Square Mile Capital is funding the loan that was arranged by the capital markets team at Cushman & Wakefield led by Adam Spies, Doug Harmon, Adam Doneger, Josh King and Gideon Gil .
Square Mile Capital Principal Sean Reimer commented, “The 100 Pearl Street redevelopment has all the hallmarks of an outstanding project. It is strategically well located in a very desirable submarket of Manhattan, with extremely strong sponsorship and an anchor tenant already committed. We are very pleased to provide the financing.”
When Guardian announced two years ago plans to move its headquarters to 10 Hudson Yards, GFP Real Estate committed to invest the t capital required to modernize 100 Pearl Street. The renovation plan includes the construction of a modern lobby as well as all new mechanical equipment and infrastructure.
Newmark Knight Frank’s Hal Stein, Andy Peretz and Ben Shapiro will lease the office leasing charge with Benjamin Birnbaum lloking to fill the retail.
“The downtown office market continues to thrive with nearly 6 million square feet leased year to date”, said Cushman’s Adam Spies. “GFP has clearly taken advantage of this momentum with an incredibly redesigned asset that will no doubt attract top tenants.”