NYC Health + Hospitals signed a deal for more than 500K SF at GFP Real Estate and Northwind Group’s 50 Water St., the groups announced Monday. The lease at the building, previously known as 7 Hanover Square, is for 25 years. The nonprofit corporation, which runs public hospitals and healthcare facilities, is taking a total of 527K SF in a $758M deal. NYC Health + Hospitals will consolidate its offices at the building, reducing its footprint by 20% and saving $17M in real estate costs over the next five years, it said. The companies are rebranding the building as two separate entities with the addresses of 50 Water St. and 100 Pearl St.
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