GFP Real Estate and Northwind Group Complete Sale of 100
NEW YORK, December 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 a Germany-based company Commerz Real.
The sale marks one of the largest office sales in New York since the pandemic began – and underscores the keen interest of overseas investors in acquiring trophy-grade A-class office properties in the city.
GFP Real Estate and Northwind Group signed a contract to acquire the full block property for $ 308.5 million in 2018. The partnership recently completed a $ 250 million upgrade to 100 Pearl, which included a full renovation of the building’s lobby and infrastructure; the addition of a new food hall, cafe, restaurant and wine bar; as well as the addition of a new penthouse floor with an exclusive roof terrace and an amenity lounge with a wonderful view of the New York Harbor and the New York City skyline.
“100 Pearl was completely redesigned after a major intestinal renovation that included the addition of modern, tenant-oriented open spaces and hardened infrastructure,” said Brian Steinwurtzel, Co-CEO of GFP Real Estate. “We look forward to working with Commerz in the future at 100 Pearl Street and are pleased that you have recognized the incredible opportunity to acquire a fully let Class A property in one of the most dynamic office markets in the city.”
100 Pearl Street, built in 1983, is currently 93 percent leased with long-term leases extending over 2050. Belong to the tenants NYC Health + Hospitals, that Securities and Exchange Commission, New York Legal Aid Group and Alger asset management.
“We are very proud of the result of the partnership in the complete transformation of 100 Pearl into a unique property that is anchored by high-quality tenants with long-term rental agreements. We remain optimistic about New York City and plan to continue to raise significant capital in the city over the coming years. With this sale, Northwind closes 2021 and has completed real estate transactions valued at over $ 1.5 billion, ”said Ran Eliasaf, founder and managing partner of Northwind Group.
Adam Spies, Doug Harmon, Adam Doneger and Marcella Fasulo von Cushman & Wakefield arranged the transaction on behalf of the sellers.
Formerly known as 7 Hanover Square, 100 Pearl Street covers 967,886 square feet. Located between Water and Pearl Street, the building offers an unobstructed view on all sides in a prime city-center location and is easy to reach by public transport. The building is also next to Stone Street, which is home to a variety of popular bars and restaurants.
PHOTOS: Please follow this link to view and download high resolution images of 100 Pearl Street
https://www.dropbox.com/sh/evgrdww3i16xkq1/AAALt0gqjhdBvO1qa9z8f-gIa?dl=0
About GFP Real Estate, LLC
Devoted to building a better New York City since 1952, GFP Real Estate is a vertically integrated owner, operator, property manager and developer of commercial real estate in the greater New York area. With over 55 buildings and over 12.8 million square feet owned, GFPRE’s portfolio includes some of New York’s best-known real estate properties.
About the Northwind Group
Northwind Group is a Manhattan-based private equity firm with over $ 3 billion in equity and debt investments in residential, commercial, senior citizen and healthcare properties. Northwind invests in its own balance sheet and through discretionary closed-end funds, SMAs and private REITs that it manages, and is focused on delivering great risk-adjusted returns while adhering to strict 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 assets under management of around 35 billion euros. The company combines extensive know-how in asset management and broad structuring expertise in its characteristic range of goods-oriented fund products and tailor-made financing solutions. The range of funds includes the open-ended real estate fund Hausinvest, Germany’s first retail impact fund for real estate values Klimavest, institutional investment products as well as entrepreneurial investments in real estate, aircraft, renewable energies and ships. As the leasing company of the Commerzbank Group, Commerz Real offers tailor-made 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