National Securities Relocates to New FiDi Office
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.