Commerz Real, a member of Commerzbank Group, has acquired an office tower, 100 Pearl Street, located in downtown Manhattan, New York, for its open-ended real estate fund Hausinvest.
The seller is a joint venture between TPG Real Estate, GFP Real Estate, and Northwind Group. The parties have agreed not to disclose the purchase price.
GFP will continue to be responsible for property management and rental.
The 120-meter-high building, built in 1983 and extensively renovated in 2021, comprises around 90,000 square meters of rental space, spread over 29 floors plus the basement.
Around 80 percent of rental income comes from the two main users, New York City Health and Hospitals, the largest government health organization in the United States, and the US Securities and Exchange Commission. The average remaining term of all rental contracts is around 20 years.
100 Pearl Street is located in downtown Manhattan, right next to Wall Street between the Broad Street and Wall Street subway stations and the main ferry terminal Pier 11.
“An absolute top property in a stable premium location,” said Maja Procz, Global Head of Transactions at Commerz Real.
”Downtown Manhattan has always been known for its many tenants from the financial services industry. However, the location is also very attractive for many public tenants, especially because of the lower rents compared to Midtown Manhattan,” added Procz.