{"id":1004552274,"date":"2021-09-30T08:37:40","date_gmt":"2021-09-30T16:37:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004552274"},"modified":"2022-12-08T01:49:48","modified_gmt":"2022-12-08T09:49:48","slug":"manhattan-office-tower-changing-hands-in-850m-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-changing-hands-in-850m-deal\/","title":{"rendered":"Manhattan Office Tower Commands $850M"},"content":{"rendered":"
\"\"<\/a>

100 Pearl St. Image via Google Street View<\/p><\/div>\n

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<\/em> 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.<\/p>\n

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\u2019s infrastructure, a rooftop space for tenants, an amenity lounge, and a new food hall, coffee and wine bar.<\/p>\n

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READ ALSO: <\/strong>Avison Young Buys NYC Firm<\/a><\/p>\n

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A Cushman & Wakefield team of Adam Spies, Doug Harmon, Adam Doneger and Marcella Fasulo arranged the deal.<\/p>\n

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.<\/p>\n

The partnership previously teamed up to acquire and reposition another Financial District office property\u201440 Exchange Place, which the venture refinanced in 2018 with a $100 million loan from Capital One Bank.<\/p>\n

The news comes just over a week after Google announced it was purchasing<\/a> St. John\u2019s Terminal, a 1.3 million-square-foot property on Manhattan\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

A German investor is acquiring the Class A property in one of the largest sales since the pandemic began.<\/p>\n","protected":false},"author":745,"featured_media":1004552277,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1600,21742,10,21747],"tags":[32799,42380,40480],"class_list":["post-1004552274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-cushman-wakefield","tag-gfp-real-estate","tag-northwind-group"],"acf":[],"yoast_head":"\nManhattan Office Tower Commands $850M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-changing-hands-in-850m-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manhattan Office Tower Commands $850M\" \/>\n<meta property=\"og:description\" content=\"A German investor is acquiring the Class A property in one of the largest sales since the pandemic began.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-changing-hands-in-850m-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-30T16:37:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T09:49:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/100-pearl-st-e1633013924799.png?w=800\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"599\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-changing-hands-in-850m-deal\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-changing-hands-in-850m-deal\/\",\"name\":\"Manhattan Office Tower Commands $850M - 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