NEW YORK, Dec. 20, 2021 (GLOBE NEWSWIRE) -- GFP Real Estate and Northwind Group are pleased to announce the 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.
IMAGES: Please follow this link to view and download high-res images of 100 Pearl Street
https://www.dropbox.com/sh/evgrdww3i16xkq1/AAALt0gqjhdBvO1qa9z8f-gIa?dl=0
About GFP Real Estate, LLC
Committed to building a better New York since 1952, GFP Real Estate is a vertically integrated owner, operator, property manager and developer of commercial real estate in the New York metropolitan area. With over 55 buildings and more than 12.8 million square feet under ownership, GFPRE’s portfolio includes some of New York’s most iconic real estate assets.
About Northwind Group
Northwind Group is a real estate private equity firm based in Manhattan with over $3 billion in AUM of equity and debt investments in residential, commercial, senior living & healthcare properties. Northwind invests on its own balance sheet and through discretionary closed-ended funds, SMA’s and private REITs it manages, focused on generating superior risk-adjusted returns while maintaining rigorous investment criteria and adhering to its core values of honesty, transparency, and integrity.
About Commerz Real
Commerz Real is a subsidiary of Commerzbank AG with almost 50 years of market experience and approximately 35 billion euros in assets under management. The company combines comprehensive know-how in asset management and a broad-based structuring expertise to deliver its signature range of services of fund products focused on tangibles and bespoke financing solutions. The fund spectrum includes the open-ended real estate fund Hausinvest, Germany’s first retail impact fund for real assets Klimavest, institutional investment products as well as entrepreneurial participations in real estate, aircraft, regenerative energy and ships. In its role as leasing company of Commerzbank Group, Commerz Real offers tailored equipment leasing concepts. www.commerzreal.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/832528fd-1246-42fa-aaf2-4729443a0ade
