New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Savanna Snaps Up Boutique Meatpacking Offices at Deep Discount
Savanna has acquired the leasehold interest for 430 W. 15th St., an eight-story, 95,000-square-foot office property located in Lower Manhattan’s Meatpacking District. The seller reportedly was Invesco. The property, leased to Live Nation, traded at a deeply discounted $85 million.
The fully leased property is well-positioned to take advantage of the submarket’s top-tier rents in the future, according to Savanna. “This was a unique opportunity to purchase a premier office asset in one of the most popular neighborhoods of Manhattan at a reduced price, and we’re pleased to announce this latest acquisition,” said Kerry Powers, managing director at Savanna. “430 W. 15th St. aligns seamlessly with Savanna’s portfolio of quality assets in great locations and underscores our bullish outlook on the New York City office market.”
Savanna was represented by Adam Kopald at Goodwin Proctor. The seller was represented by an Eastdil Secured team led by Will Silverman, Alana Bassen, Gary Philips and Jeff Organisciak.
- ◦Sale/Acquisition
