David Werner and BLDG Management Partner to Purchase 100 Wall St at Steep Discount

Barings, the investment arm Mass Mutual has sold the approximately 515,000-square-foot debt-free building located at 100 Wall Street for $116 million to the partnership of David Werner Real Estate and Lloyd Goldman’s BLDG Management. A $95 million mortgage provided by Northwind Group financed the transaction, and BLDG will be taking over building management according to reported details of an email sent to the building’s current tenants from the former manager. The purchase price represented a 57% discount of the $270 million that Barings paid through its subsidiary Cornerstone Real Estate Advisors in 2015 to seller Savanna — reportedly a record price at the time for a Downtown building; and the $137.5 million mortgage provided by New York Life Insurance Company was satisfied in September 2022. Barings introduced the 29-story tower to the market in February 2024, hoping to fetch $125 million according to reports at the time. Future plans by new ownership have yet to be announced for the 1960s era building that was being marketed as a potential residential conversion.

Source:    https://therealdeal.com/new-york/2024/07/30/david-werner-and-lloyd-goldman-buy-100-wall-street/