Client
GFP Real Estate
Date
January 7, 2019
GFP Real Estate has big plans and a tenant to match for FiDi office tower
By Rich Bockmann
summary
GFP Real Estate purchased the 900,000 SF 7 Hanover Square in FiDi for about $300 million about a year ago. The real estate firm is also putting $250 million into the modernization of the building and welcomed the building’s first tenant. NYC Health and Hospitals signed a 527,000 SF lease at the property, which GFP is rebranding as 50 Water Street. NYC Health and Hospitals will consolidate its 2,600 employees working in six offices around the five boroughs. The company is a nonprofit that operates the city’s public hospitals and health care facilities.