Real estate investor David Werner has finalized a deal to purchase the office building located at 100 Wall Street for over $100 million, hinting at another office-to-residential conversion project in New York City’s Financial District.
Sources familiar with the transaction confirmed to The Real Deal that Werner is under contract to acquire the late 1960s-era building at 100 Wall Street for approximately $115 million from Barings. This acquisition sparks speculation that Werner, who recently partnered with Nathan Berman, a prominent figure in office-to-resi conversions, on the transformation of the former Pfizer headquarters in Midtown, may be planning a similar residential redevelopment for the 100 Wall Street tower. However, Werner’s precise plans for the property remain undisclosed.
Representatives for both David Werner and Barings have not yet issued public statements regarding the transaction. Newmark’s team, spearheaded by Adam Spies and Josh King, brokered the sale on behalf of Barings.
The agreed-upon sale price represents a significant decrease from the $270 million Barings paid for 100 Wall Street nearly ten years prior, in 2015, near the peak of the market. At that time, Barings, through its subsidiary Cornerstone Real Estate Advisors, acquired the 29-story office building for $528 per square foot. This price was reportedly a record for an office building situated in the Financial District east of Broadway. When Barings purchased the property, it boasted a 97 percent occupancy rate. Currently, the building is 75 percent leased.
Property records indicate that Barings holds full ownership of 100 Wall Street, having fully paid off the $137.5 million mortgage from New York Life Insurance in 2022.
David Werner is recognized as a significant, albeit discreet, investor predominantly focused on office properties. However, he strategically selects residential investment opportunities. David Werner Real Estate Investments, his company, recently joined forces with Nathan Berman on a large-scale project to convert Pfizer’s former headquarters, situated at 219-235 East 42nd Street, into approximately 1,500 apartment units. This ambitious undertaking is poised to become the largest office-to-residential conversion in New York City history. Werner’s portfolio reportedly includes 3,600 apartment units located in the Southeast region and the Parkmerced Apartments in San Francisco, demonstrating his established presence in the residential real estate sector.
