Guardian to revive Downtown roots.

In the largest corporate relocation in over a decade to Lower Manhattan, The Guardian Life Insurance Company of America has announced it will relocate its headquarters to 7 Hanover square. Guardian has committed to approximately 837,000 square feet of the building with an initial occupancy of over 500,000 square feet. Upon expiration of the lease after a 20-year period, Guardian will have an option to purchase the building.

"This is an historic time for our company because we have come full circle," said Joseph D. Sargent, CLU, president and CEO of Guardian. "When the company opened for business on July 10, 1860, we opened at 90 Broad Street. Now we are coming back to our roots in Downtown Manhattan. We are looking forward to meeting the needs of the customers we serve in our new home office in the center of the financial world."

Donald A. DiRenzo, Sr., vice chairman, and Jeffrey S. Cohen, senior director of Cushman & Wakefield, represented Guardian in an extensive two-year search, which concluded with its recent official lease signing. The move to 7 Hanover square, owned by Seven Hanover Associates, an entity comprised of the Milstein Organization, The Swig Company and Alan G. Weiler, will take place in mid-1999. Guardian will relocate approximately 1,700 employees from 201 Park Avenue South, its home for more than 85 years.

"In its early years, Guardian operated out of 293 and 295 Broadway and 20 Nassau Street. It also expanded beyond U.S. shores to Europe and such exotic sites as Cuba, Costa Rica and Chile," explained Sargent. "Years ago, Guardian pioneered the Union square area. This move brings us back to Downtown Manhattan in the middle of its revitalization."

Guardian's growth in recent years led to its need to find a new headquarters. It is currently creating a trust company that will offer its clients fiduciary asset-management services. Guardian is also forming a new broker-dealer to enable its clients to consolidate a wide variety of investment holdings with the company.

Swanke Hayden Connell Architects (SHCA) of New York served as design consultant for the relocation. After conducting a property strategy for the future of the company, a pre-design effort culminated in the selection of 7 Hanover. The floorplans will incorporate maximum open space with some offices, and an emphasis on maintaining natural light throughout the floors. Features on select floors will include a cafeteria, dining room, conference center and medical facility. The space will be upgraded with state-of-the-art computer and communications facilities.

The firm of Bachner, Tally, Polevoy & Misher represented Guardian in the negotiation of the lease. Fried, Frank, Harris, Shriver & Jacobson and Winthrop, Stimson, Putnam & Roberts represented Guardian in other aspects of the transaction.

Founded in July 1860 as The Germania Life Insurance Company, the company changed its name to The Guardian Life Insurance Company of America in the early 1900s. In 1911, the company built its Renaissance Revival style headquarters at 201 Park Avenue South. Guardian plans to sell the building, which has landmark status, along with its annex building at 105 East 17th Street. Proposed uses for the buildings are residential, hotel or office. Cushman & Wakefield will provide marketing representation for the sale of the 201 Park Avenue South building.