GFP Real Estate and Northwind Group have agreed to buy 7 Hanover from Guardian Life Insurance Company of America for $308.5 million.
Guardian has had its headquarters in the 29-story building, which is in lower Manhattan, since 1999.
The life, annuity and disability issuer plans to move its headquarters farther north, and to the west, to Hudson Yards.
Cushman & Wakefield’s Doug Harmon and Adam Spies brokered the 7 Hanover deal. The parties expect to complete the transaction in September 2019.
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.