Gural selling 100 Pearl for $850M

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GFP Real Estate and Northwind Group are in contract to sell 100 Pearl Street to German investment giant Commerz Real AG for $850 million.

100 Pearl Street, which was previously known as 7 Hanover
Square, is a full-block building that spans 967,886 square feet.

GFP (Gural Family Properties) and Northwind recently completed a $250 million modernization of the property, with renovations including a reimagined lobby; the addition of a new food hall, coffee and wine bar, restaurant and penthouse floor; upgrades to the building’s infrastructure; and a tenant-exclusive rooftop and amenity lounge.

Cushman & Wakefield’s Adam Spies, Doug Harmon, Adam Doneger and Marcella Fasulo – who previously marketed a stake in the property on behalf of the owners – brokered this sale. The brokerage declined to comment.

At $850 million, the sale price equates to around $900 per
square foot, making the deal one of the largest office trades to take place
since the onset of the COVID pandemic

100 Pearl Street is a 29-story office building surrounded by
high-density office and residential space, including 55 Water Street, the
city’s largest office building. GFP and Northwind acquired the tower from
Guardian Life in January 2019 for $308.5 million. Harmon and Spies brokered
that deal.

With 526,552 s/f of office space in the tower NYC Health +
Hospitals is the anchor tenant in the building, which is also home to a 15,000
s/f Urbanspace food hall and marketplace.

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