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German Fund Divests Historic New York Building for $195M

New York-based Savanna acquired The Berkeley Building in Midtown Manhattan from German investment manager Deka Immobilien for $195 million. The historic 18-story, nearly 293,000-square-foot office building is located at 19 W. 44th St.

Colliers Institutional Capital Markets Group’s Robert Stamm handled the sale, along with Colliers’ New York Capital Markets team of Richard Baxter and Scott Latham.

Stamm says, “A combination of stable cash flow with excellent upside potential and a desirable Midtown location, between Fifth Avenue and Avenue of the Americas, made this property incredibly attractive to institutional investors. Ultimately, we were pleased that Savanna’s strong interest in the property allowed us to execute with a strong and reputable investor.”


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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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