Commerz Real purchases NYC office tower 100 Pearl Street

Commerz Real signed a contract to acquire the New York office tower 100 Pearl Street for its Hausinvest open-end real estate fund.

The seller is a joint venture of TPG Real Estate Partners; GFP Real Estate, one of New York’s largest owners, operators, property managers and developers of commercial real estate; and Northwind Group, a real estate investment company domiciled in New York. It was agreed that confidentiality be maintained on the purchase price. GFP will continue to be responsible for the development, management and leasing activities at the property.

The 120-meter-tall (390-foot tall) building was erected in 1983 and fully refurbished in 2021; it has a leasable area of approximately 90,000 square meters (969,000 square feet) spread across 30 stories plus basement floor, with an occupancy rate of about 93 percent. The main tenants are New York City Health and Hospitals, the largest governmental health organization in the United States; the United States Se