A partnership of GFP Real Estate and Northwind Group is selling a Class A office tower in Lower Manhattan for $850 million, Commercial Property Executive has learned. German investor Commerz Real is the buyer in the blockbuster deal, which at $900 per square foot, is one of the largest office sales completed since the onset of the COVID-19 pandemic.
Previously known as 7 Hanover Square, 100 Pearl Street is a 967,886-square-foot office property in the heart of the Financial District that recently underwent $250 million in renovations, including a new lobby, upgrades to the building’s infrastructure, a rooftop space for tenants, an amenity lounge, and a new food hall, coffee and wine bar.
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A Cushman & Wakefield team of Adam Spies, Doug Harmon, Adam Doneger and Marcella Fasulo arranged the deal.
GFP and Northwind closed on its purchase of 100 Pearl from Guardian Life in 2019 for $308 million. The venture landed a $376 million construction loan from Square Mile Capital Management in October 2019 to redevelop the office building, which had served as the headquarters for Guardian Life Insurance since 1999.
The partnership previously teamed up to acquire and reposition another Financial District office property—40 Exchange Place, which the venture refinanced in 2018 with a $100 million loan from Capital One Bank.
The news comes just over a week after Google announced it was purchasing St. John’s Terminal, a 1.3 million-square-foot property on Manhattan’s West Side for $2.1 billion. The tech giant had previously committed to leasing the entire building in 2019 and is planning to move into the property by 2023.