GLL Real Estate Partners, an institutional real estate
The retail spaces are located on the ground floor of Jean Nouvel’s iconic residential
“Having fully leased the project’s retail component to a mix of high-quality tenants, we are delighted to have sold this exceptional property to GLL, one of Europe’s rapidly growing institutional real estate
Barry McGowan, chief investment officer of Munich, Germany-based GLL, added that “both New York and London have surprised everyone with the speed and momentum of the recovery of the commercial real estate markets.” The 40 Mercer development represents GLL’s entry into the New York market.
“We feel extremely fortunate to be able to invest in such a superb, high-quality asset,” said McGowan. With seven acquisitions over the last 10 months, GLL has been one of the most active foreign property investors in the United States. “Our intention is to continue to make new investments throughout the country.” Since 2001, GLL has invested approximately $5 billion in 70 core assets for commingled funds and separate account clients.
Hines has been active in the New York real estate market since 1984, and is actively