NYC Health + Hospitals Signs 25-Year, $758M Office Lease in Manhattan

NEW YORK CITY — NYC Health + Hospitals has signed a 25-year, $758 million lease agreement with GFP Real Estate for 525,000 square feet of office space at 50 Water Street in Manhattan. With the lease transaction, NYC Health + Hospitals becomes the first major tenant that will occupy the GFP office complex at the building formerly known as 7 Hanover Square. The agreement enables the public health system to consolidate multiple administrative office sites into one Lower Manhattan campus. Newmark Knight Frank brokered the transaction on behalf of NYC Health + Hospitals.