Savanna, a New York City-based real estate investment manager, owner/operator and developer, has acquired 799 Broadway, a Class-A office building in the Greenwich Village section of Manhattan, for a $255 million.
The property was acquired at a discounted price from Columbia Property Trust and Cannon Hill Capital Partners through a lender-controlled sale process administered by Blackstone. Kerry Powers, managing director with Savanna, noted the building 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. We look forward to leasing up both the retail and office space components of this state-of-the-art building that offers all of the post-Covid amenities needed to maintain a healthy daily working environment.”
The 12-story, 176,588-square-foot property opened in 2022, making it one of the newest office buildings in New York City. Located at the intersection of Broadway and 11th Street, just south of Union Square, it is 71% leased with an 11-year weighted average lease term for its tenants.
“The newly built property is ideally positioned in the heart of Greenwich Village neighborhood, allowing tenants to benefit from a great location with a vibrant culture as well as a modern office space that emphasizes wellness,” added Powers.
Both Savanna and the seller were represented in the deal by an Eastdil Secured team led by Gary Phillips and Will Silverman.
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