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Blackstone’s Last Bryant Park Tower Under Contract
The last of Blackstone’s Equity Office cluster of towers near Bryant Park has found a buyer. Savanna has reportedly agreed to buy the 34-story 5 Bryant Park, on the market since 2016, for $640 million.
Blackstone declined to comment on a report that Savanna had signed a contract for the 665,000-square-foot office tower located at 1065 Ave. of the Americas. The asset management giant has owned 5 Bryant Park since 2006, when a joint venture of Blackstone and Brookfield acquired office REIT Trizec Properties for about $9 billion.
Blackstone then bought out Brookfield’s stake. In 2015, it sold 3 Bryant Park, now known as the Salesforce Tower, for $2.2 billion to a group led by Ivanhoé Cambridge.
Savanna closed on its biggest fund to date this past December. At $591 million, Savanna Real Estate Fund IV came in about 30% larger than its predecessor.
- ◦Sale/Acquisition
