GFP, Northwind seek new equity partner for FiDi office overhaul

Developers looking to sell up to 80% of the equity in repositioning of 7 Hanover Square

New York /
Jan.January 22, 2019 04:00 PM

From left: GFP CEO Brian Steinwurtzel, 100 Pearl Street, and Northwind’s Ran Eliasaf

With a big tenant lined up to anchor their repositioning of the former Guardian Life headquarters in the Financial District, the Gural family and the Northwind Group are looking to bring a new equity partner on to the project.

GFP Real Estate and Ran Eliasaf’s Northwind are looking to sell somewhere between 60 and 80 percent of the equity in the property formerly known as 7 Hanover Square.

“We’re looking to bring an institutional LP into the deal,” GFP co-CEO Brian Steinwurtzel told The Real Deal.

The Cushman & Wakefield team led by Doug Harmon and Adam Spies is marketing the stake. The developers are aiming for a valuation of just under $600 per square foot for the property once it’s stabilized.

Spies said the property is attractive because the Gurals “[invest] a significant amount of their own equity in deals” and the project is 60 percent pre-leased, with the tower floors available.

GFP and Northwind are in contract to buy the 975,000-square-foot building from Guardian Life Insurance. The deal is set to close later this year in October when Guardian relocates its offices to Hudson Yards.

The new owners are repositioning the building as two distinct properties. They’re rebranding the base floors of the building as 50 Water Street, where they recently signed NYC Health + Hospitals to a 24-year lease covering 500,000 square feet.

The building’s tower floors are being repositioned as 100 Pearl Street, and the developers are constructing two new penthouse floors on top.

GFP and Northwind are also modernizing the retail portion of building, where they plan to bring in a large food hall.

A Newmark Knight Frank team of Hal Stein, Andrew Peretz and Ben Shapiro are leasing the office portion, while Newmark’s Benjamin Birnbaum will head up leasing for the retail.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Mack Real Estate CEO Richard Mack and one of his new hotels at 51 Nassau Street. (Getty, ING)
Mack Real Estate takes over 7 distressed Manhattan hotels
Mack Real Estate takes over 7 distressed Manhattan hotels
1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
CIM closes on $400M refi for 1440 Broadway
CIM closes on $400M refi for 1440 Broadway
Theaters in some cities are opening with restrictions. (Getty, Photo Illustration by Alison Bushor for The Real Deal)
Coming attraction: Movie theaters reopen in New York, San Fran
Coming attraction: Movie theaters reopen in New York, San Fran
Innovo Property Group's Andrew Chung with 23-30 Borden Avenue in Long Island City (Google Maps)
Innovo lands $155M construction loan for LIC warehouse
Innovo lands $155M construction loan for LIC warehouse
Restaurants and bars accounted for a majority of the gains in February (iStock)
Leisure, hospitality big winners in February job gains
Leisure, hospitality big winners in February job gains
The company currently operates 761 stores, and intends to open 100 new stores this fiscal year. (iStock)
Retailer Burlington plans to double store count
Retailer Burlington plans to double store count
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...