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NYC property to see $250M redevelopment

The Gural family-controlled GFP Real Estate plans to carry out a $250 million redevelopment of the 27-story property at 7 Hanover Square in Manhattan, N.Y.'s Financial District it agreed to purchase in January 2018, The Real Deal reported.

The building will welcome nonprofit corporation NYC Health + Hospitals, which signed a lease for 527,000 square feet via a $758 million contract that runs through 2043, the Jan. 7 report added, citing GFP and the nonprofit. Guardian Life Insurance, which uses the property as its headquarters, is scheduled to move to 10 Hudson Yards, also in New York, in 2019.

GFP signed the acquisition contract for the asset, in partnership with Northwind Group, for $310 million and plans to divide the property into two buildings with new addresses of 100 Pearl St. and 50 Water St. The purchase is expected to close in October.