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New York & Tri-State  + Downtown New York + New York  + Office  |  December 19, 2021
100 Pearl Street Manhattan aerial view Photo credit GFP Real Estate
Paul Bubny
By: Paul Bubny

GFP, Northwind Close on Sale of Redeveloped 100 Pearl St.

GFP Real Estate and Northwind Group closed on the sale of 100 Pearl St. in Lower Manhattan’s Financial District to Germany-based Commerz Real. The price wasn’t disclosed; published reports put it at $850 million when the redeveloped office property went under contract in September. 

“100 Pearl has been completely reimagined following an extensive gut renovation that included the addition of modern tenant focused amenity spaces and hardened infrastructure,” said Brian Steinwurtzel, co-CEO of GFP Real Estate. “We look forward to working with Commerz on 100 Pearl into the future and are pleased they recognized the incredible opportunity to purchase a fully leased, class A property in one of the city’s most vibrant office markets.” 

Cushman & Wakefield’s Adam Spies, Doug Harmon, Adam Doneger and Marcella Fasulo arranged the transaction on behalf of the sellers. Built in 1983, 100 Pearl is currently 93% occupied with long-term leases in place beyond 2050. 

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Inside The Story

GFP Real EstateCushman & Wakefield's Spies

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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