German Investor Buying 100 Pearl St. For $850M
GFP Real Estate and Northwind Partners are under contract to sell a renovated Financial District office tower in one of the biggest Manhattan investment sales since the coronavirus pandemic began.
German investment company Commerz Real is close to buying 100 Pearl St., formerly known as 7 Hanover Square, for $850M, a source familiar with the deal told Bisnow.
The 990K SF building, developed in 1983, lists about 59K SF of office space and about 18K SF of retail space available on its website. GFP and Northwind paid $308.5M for the building in 2018, according to Commercial Observer, which first reported the deal. In 2019, the joint venture secured a $430M construction loan from Square Mile Capital to redevelop the building.
"We are in talks, and it is too early for a comment," a Commerz Real spokesperson told Bisnow Thursday.
The building is 95% leased to government and institutional tenants, including the Securities and Exchange Commission, which signed a 241K SF lease in the early days of the pandemic.
A Commerzbank Group member, the Wiesbaden-based Commerz Real manages €35B worth of physical assets, including 222 East 41st St., which it bought in 2018 from Columbia Property Trust for $332M.
Adam Spies, Doug Harmon, Adam Doneger and Marcella Fasulo of Cushman & Wakefield brokered the deal. The brokerage firm declined to comment on the sale. GFP and Northwind didn't immediately respond to requests for comment.
