Financial firm National Securities Corporation is moving its offices across Hanover Square, Commercial Observer has learned.
The investment bank is relocating to CIM Group’s 5 Hanover Square from 7 Hanover Square, which is being vacated ahead of a renovation. National signed a 10-year lease for 11,101 square feet at the Financial District building, which borders the petite Hanover Square and is located between Pearl and Beaver Streets.
The move was prompted by a plan from 7 Hanover’s new owners, Northwind Group and the Gural family’s GFP Real Estate, to empty out the building in advance of a substantial makeover, according to Okada & Company’s Francis Leung, who brokered the deal for National. All of the building’s tenants will be out by September, Leung added.
Northwind and GFP purchased the 26-story property, the former headquarters of Guardian Life Insurance, for $309 million in 2018, with plans to put $250 million into renovating the 1980s-era building, according to The Real Deal.
Leung represented the tenant together with colleague Ken Lerner, while Adam Leshowitz, Rob Wizenberg and Michael Rizzo of CBRE represented CIM, a spokesperson for CBRE confirmed.
CIM Group purchased 5 Hanover Square in 2013 for $104 million. Other tenants in the building include the Nonprofit Finance Fund and Knotel, which took close to 29,000 square feet in the building in 2018.
National is a subsidiary of National Holdings Corporation, whose headquarters are located at Brookfield Properties’ 200 Vesey Street.
Okada declined to provide the asking rent on the deal.