Five years and a thoughtful repositioning program can make all the difference in an office-property price tag, and the recent trading of 1375 Broadway serves as a case in point. Savanna, which had acquired the 510,000-square-foot Manhattan office tower office for $135 million in late 2010, has just sold it to for $310 million.
Savanna kicked off its transformation of 1375 Broadway with renovations and redesigns and then tackled the tower’s tenancy, increasing the office and retail occupancy by 190,000 square feet over the last half-decade with leasing assistance from commercial real estate services firms Colliers International and Winick Realty. The building’s rebirth also brought a boost in rents, which have risen from $22 per square-foot in 2010 to a current rate in the low $60 per square-foot range.
Savanna relied on Eastdil Secured and Savills Studley for representation in the sales transaction, with the former also standing in for Westbrook...Savanna Makes a Solid Profit
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