Square Mile lends $430M on redevelopment of FiDi office tower

Owners have already leased more than 500k sf at the former 7 Hanover Square

New York /
Oct.October 03, 2019 05:40 PM
7 Hanover Square (Credit: Google Maps, iStock)

7 Hanover Square (Credit: Google Maps, iStock)

The team redeveloping the 1980s-era Guardian Life building in the Financial District into modern offices plans to start construction next week after landing $430 million in financing.

The Gural family’s GFP Real Estate, Northwind Group and TPG Real Estate Partners closed on the construction loan with Square Mile Capital, the developers told The Real Deal.

“We have always believed in the re-emergence of Downtown as a place where leading tenants want to be,” GFP co-CEO Brian Steinwurtzel said.

GFP and its partners are turning the building at 7 Hanover Square into two separate portions with addresses at 100 Pearl Street and 50 Water Street. The owners have already leased more than 525,000 square feet of office space at 50 Water Street to NYC Health + Hospitals, the nonprofit corporation that operates the city’s public hospitals and health care facilities.

A team at Cushman & Wakefield led by Gideon Gil, Alex Hernandez, Thomas Sullivan and Zach Kraft arranged the financing.

The new owners purchased the building from the Guardian Life Company for more than $300 million. A Cushman team of Adam Spies, Doug Harmon, Adam Doneger and Josh King arranged the sale on behalf of Guardian Life.

Square Mile Capital was was founded in 2006 by Jeff Citrin and Craig Solomon. The two sold a 49 percent stake in the company to USAA Real Estate Company in 2012.


Related Articles

arrow_forward_ios
Square Mile Capital CEO Craig Solomon and The Real Deal's Hiten Samtani

WATCH: “It’s going to take longer, and it’s going to cost more”: Craig Solomon on the real estate capital stack

WATCH: “It’s going to take longer, and it’s going to cost more”: Craig Solomon on the real estate capital stack
Craig Solomon

Square Mile’s Craig Solomon on his big bet on studio space, today’s capital stack and the dangers of socialism

Square Mile’s Craig Solomon on his big bet on studio space, today’s capital stack and the dangers of socialism
Square Mile Capital’s Craig Solomon and Hackman Capital Partner’s Michael Hackman with Silvercup Studios at 42-22 22nd Street in Long Island City (Hackman; Silvercup Studios)

Hackman and the City: Hackman, Square Mile buy Silvercup Studios

Hackman and the City: Hackman, Square Mile buy Silvercup Studios
King Street Properties’ Rob Albro, Eric Gural and 45-18 Court Square in Queens (Credit: GFP Real Estate, King Street Properties, and LoopNet)

GFP partnership lands $156M loan to build LIC biotech center

GFP partnership lands $156M loan to build LIC biotech center
Joseph Chetrit and a rendering of 150-13 89th Avenue (Credit: Getty Images)

Chetrit nabs $200M refi for huge Jamaica project

Chetrit nabs $200M refi for huge Jamaica project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...