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Commerz Real Shells Out $850M for Redeveloped Financial District Tower
(Updated with new information)
GFP Real Estate and Northwind Group are selling their redeveloped Class A office tower at 100 Pearl St. In Lower Manhattan’s Financial District to German investor Commerz Real for $850 million, or approximately $900 per square foot, according to industry sources. The sale represents one of the largest office trades to take place since the pandemic hit.
Cushman & Wakefield’s Adam Spies, Doug Harmon, Adam Doneger and Marcella Fasulo arranged the transaction, sources said. The firm declined to comment. Commerz Real confirmed that it was the buyer, but did not disclose the purchase price.
100 Pearl St., which was previously known as 7 Hanover Square, is a full-block building that spans 967,886 square feet. GFP 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.
- ◦Sale/Acquisition
