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Savanna Acquires Greenwich Village Offices for $255M
Savanna said Tuesday it had acquired 799 Broadway, a 12-story, 176,588-square foot, Class-A office in Greenwich Village. The investment manager acquired the distressed office property from Columbia Property Trust and Cannon Hill Capital Partners at a deeply discounted $255 million, through a lender-controlled sale process administered by Blackstone.
799 Broadway was delivered in 2022, making it one of the newest buildings in New York City. Located at the intersection of Broadway and 11th Street, south of Union Square, the property is 71% leased with an 11-year WALT for current tenants.
Kerry Powers, managing director with Savanna, said the property was “representative of the opportunities Savanna continues to pursue, acquiring some of the very best real estate in New York City at extraordinarily discounted prices given the current turbulence in the market.”
Both Savanna and the seller were represented by an Eastdil Secured team led by Gary Phillips and Will Silverman.
- ◦Sale/Acquisition
