Commerz Real Purchases 100 Pearl for $850M

GGFP Real Estate and Northwind Group have sold lower Manhattan’s 100 Pearl Street, formerly known as 7 Hanover Square for $850 million. Germany-based Commerz Real is the buyer of the 967,886-square-foot asset that underwent a $250 million modernization by the sellers; and is 93% leased with long-term leases in place beyond 2050. NYC Health + Hospitals anchors the building’s lower-level floors under the address 50 Water Street. The U.S. Securities & Exchange Commission is also a major tenant..