News
ANOTHER B'WAY BUY; HOLIDAY CHEER
December 14, 2010
| Another lulla-buy on Broadway—Savanna just purchased 1375 for $135M. |
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| PropertyShark |
| Savanna's purchase of the 513k SF office building (a few blocks from 1412 recently snatched up by Harbor Group International for $150M) marks its fourth acquisition in NYC this year, including 386 Park Avenue South, 5 Hanover Square, and 104 W 40th St. The company plans to launch a major capital improvement plan to upgrade the building that includes installation of a new entrance and lobby, systems, and façade improvements. The building's tenants include Micro Office Solutions (it recently expanded by 20k SF to 40k SF) and Raich Ende Malter & Co (which inked a long-term, 8k SF expansion, increasing its footprint to 20k SF). Savanna signed a term sheet with Morgan Stanley on Nov. 17, closing a $102M loan three weeks later. Other parties in the transaction: Cole Schotz, Paul Hastings, Studley, Estrich & Co, and Colliers International. |
