Guardian Life Finds Buyers for Headquarters Building

In a related transaction, NYC Health + Hospitals, a public health care system, has agreed to lease 526,552 square feet of office space, on 14 floors, at 7 Hanover from GFP and Northwind.

NYC Health + Hospitals says the 25-year, $758 million lease will increase its efficiency and reduce its real estate costs by $16.5 million in five years and by $203.1 million over the lifetime of the lease.

NYC Health + Hospitals will use the 7 Hanover space to replace the six separate locations where its 2,600 administrative employees now work, and reduce its overall real estate footprint by 20%.

Newmark Knight Frank's Brian Waterman and Ira Rovitz represented NYC Health + Hospital in securing the lease.

The project is the second major acquisition and redevelopment for GFP and Northwind. In 2014, they acquired, renovated and leased 40 Exchange Place, refinancing the property last year.

— Read Guardian Starts Moving 300 Workers to Old Bell Labs Site, on ThinkAdvisor.

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