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Savanna Acquires Class-A Office Building at 799 Broadway in Manhattan for $255 Million
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</div> </div> </div> </div> </div> </div> </div> <div class="row"> <div class="col-sm-12 col-xs-12"> <hr/> </div> </div> </div> </header> <section class="release-body container "> <div class="row"> <div class="col-lg-10 col-lg-offset-1"> <p class="prntal"><i>Investment firm adds newly built prime property in <span class="xn-location">Greenwich Village</span> to office portfolio through distressed sale with highly favorable price </i></p><p><span class="legendSpanClass"><span class="xn-location">NEW YORK</span></span>, <span class="legendSpanClass"><span class="xn-chron">Nov. 20, 2024</span></span> /PRNewswire/ -- Savanna, a <span class="xn-location">New York City</span>-based real estate investment manager, owner/operator and developer, announced it has acquired 799 Broadway, a 12-story, 176,588 square foot trophy quality Class-A office building with ground-floor retail located in the <span class="xn-location">Greenwich Village</span> neighborhood of lower <span class="xn-location">Manhattan</span>.</p><p>Savanna acquired the distressed office property from Columbia Property Trust and Cannon Hill Capital Partners at a deeply discounted price of <span class="xn-money">$255 million</span>, completed through a lender-controlled sale process administered by Blackstone.</p> <div class="continue-reading text-center mt-xl visible-xs-block"> <span> <a class="smooth-scroll" href="#continue-jump">Continue Reading <br/> <i class="btr bt-angle-down mt-md"></i> </a> </span> </div> <div class="pull-right inline-gallery-container col-md-8 col-sm-7 col-xs-12"> <div class="gallery inline-gallery"> <div class="row"> <div class="col-sm-12"> </div> <div class="col-sm-12 clearfix"> <figure> <div class="image lightbox-item " data-src="https://mma.prnewswire.com/media/2562329/799_Broadway_Image.jpg?p=publish" data-asset-type="photo" data-asset-id="Life_After_Debt_Aug_17_Event.jpg" data-asset-label="General" data-sub-html="Savanna has acquired 799 Broadway in the Greenwich Village neighborhood of Manhattan." data-tweet-text="Savanna has acquired 799 Broadway in the Greenwich Village neighborhood of Manhattan." data-facebook-share-text="Savanna has acquired 799 Broadway in the Greenwich Village neighborhood of Manhattan." data-linkedin-text="Savanna has acquired 799 Broadway in the Greenwich Village neighborhood of Manhattan." data-download-url="https://mma.prnewswire.com/media/2562329/799_Broadway_Image.jpg?p=publish" data-pinterest-text="Savanna has acquired 799 Broadway in the Greenwich Village neighborhood of Manhattan." data-twitter-share-url="https://mma.prnewswire.com/media/2562329/799_Broadway_Image.jpg?p=twitter" data-linkedin-share-url="https://mma.prnewswire.com/media/2562329/799_Broadway_Image.jpg?p=linkedin" data-facebook-share-url="https://mma.prnewswire.com/media/2562329/799_Broadway_Image.jpg?p=facebook" data-pinterest-share-url="https://mma.prnewswire.com/media/2562329/799_Broadway_Image.jpg?p=facebook" onclick="omniture_corousal('Carousel Page','Photo Open','https://mma.prnewswire.com/media/2562329/799_Broadway_Image.jpg','General');"> <a href="#" class="tabfocus" role="button"><img title="Savanna has acquired 799 Broadway in the Greenwich Village neighborhood of Manhattan." data-getimg="https://mma.prnewswire.com/media/2562329/799_Broadway_Image.jpg?w=600" id="imageid_2" alt="Savanna has acquired 799 Broadway in the Greenwich Village neighborhood of Manhattan." class="gallery-thumb img-responsive" rel="newsImage" itemprop="contentUrl" loading="lazy"/></a> <span class="fa fa-arrows-alt arrow_styles" aria-hidden="true"></span> </div> <figcaption> Savanna has acquired 799 Broadway in the Greenwich Village neighborhood of Manhattan. </figcaption> </figure> <!-- if video/audio/not yotube --> </div> </div> </div> </div> <p id="continue-jump"> </p> <p>The premium office property was first delivered in 2022, making it one of the newest buildings in <span class="xn-location">New York City</span>. The well-located asset sits at the intersection of Broadway and 11th Street, just south of Union Square, and is 71% leased with an 11-year WALT for current tenants.</p> <p>799 Broadway is a state-of-the-art building designed by Perkins&Will, offering 15' ceiling heights as well as floor-to-ceiling glass with abundant light throughout. Most floors offer private terraces for tenants. The property was also built with health and wellness in mind, offering a touchless experience throughout the building, superior air quality as well as a luxury fitness center. The highly amenitized building also includes a tenant lounge and ample outdoor space.</p><p>"Savanna is pleased to announce the acquisition of 799 Broadway, a perfect addition to our portfolio of exceptional office assets," notes <span class="xn-person">Kerry Powers</span>, Managing Director with Savanna. "The newly built property is ideally positioned in the heart of <span class="xn-location">Greenwich Village</span> neighborhood, allowing tenants to benefit from a great location with a vibrant culture as well as a modern office space that emphasizes wellness. This building is also representative of the opportunities Savanna continues to pursue, acquiring some of the very best real estate in <span class="xn-location">New York City</span> 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."</p><p>Both Savanna and the seller were represented in the deal by an Eastdil Secured team led by <span class="xn-person">Gary Phillips</span> and <span class="xn-person">Will Silverman</span>.</p><p><b>About Savanna<br class="dnr"></b>Savanna, formed in 1992, is a vertically-integrated real estate investment manager based in <span class="xn-location">New York City</span> and focused on strategic property investments throughout the City's five boroughs. The firm pursues real estate equity and debt investments, including ground-up development and major repositioning projects. Savanna's equity investments target value add/opportunistic returns by adding value through asset management and/or property development, redevelopment, and repositioning, deploying a team of more than 80 experienced investment, asset management, construction, and leasing professionals. Savanna also selectively invests in real estate debt instruments that have the potential to generate equity-like returns, including preferred equity instruments, high yield bridge and mezzanine loans, and B-notes. Since 2006, Savanna has invested over <span class="xn-money">$6 billion</span> in total capital across approximately 17 million square feet of real property.</p><p><b>Contact:<br class="dnr"></b>Great Ink Communications, Ltd. – 212-741-2977<br class="dnr"><span class="xn-person">Tom Nolan</span> <a href="/cdn-cgi/l/email-protection#6a59525c5f535d2a0f070b03065e1a1844090507" rel="nofollow" target="_blank"><span class="__cf_email__" data-cfemail="e9dad1dfdcd0dea98c84888085dd999bc78a8684">[email protected]</span></a> Eric Waters <a href="/cdn-cgi/l/email-protection#ccfff4faf9f5fb8ca9a1ada5a0f8bcbee2afa3a1" rel="nofollow" target="_blank"><span class="__cf_email__" data-cfemail="64575c52515d53240109050d085014164a070b09">[email protected]</span></a></p><p>SOURCE Savanna</p><img alt="" src="https://rt.prnewswire.com/rt.gif?NewsItemId=PH61390&Transmission_Id=202411200846PR_NEWS_USPR_____PH61390&DateId=20241120" style="border:0px; width:1px; height:1px;"> <link rel="stylesheet" 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