January 8, 2019
NYC Health + Hospitals has completed a 526,552-square-foot office lease with GFP Real Estate and Northwind Group at 50 Water St., a deal worth $758 million over its 25-year term. The public healthcare system will consolidate from multiple locations to anchor one of the two Financial District office properties to be developed at what was formerly known as 7 Hanover Square.
GFP and Northwind went into contract to acquire 7 Hanover Square from Guardian Life Insurance, headquartered there, in December 2017. Their redevelopment plans call for 50 Water St. at the base of the new complex and 100 Pearl St. in the tower. Each will have its own entrance.
“We believe that creating two distinct office buildings, with separate entrances and identities, gives us an opportunity to satisfy very different market demands,” said GFP co-CEO Eric Gural. NKF’s Brian Waterman and Ira Rovitz brokered the Health + Hospitals lease.
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