New York-based real estate private equity and asset management firm Savanna has closed on its sale of the office tower at 1375 Broadway in New York, NY to Westbrook Partners for $310 million, or about $604 per square foot.
Originally built in 1927, the 27-story, 513,401-square-foot building sits on half an acre in the Penn Plaza / Garment District submarket of Midtown Manhattan, at the northwest corner of W. 37th St. It features 24-hour controlled access and security, on-site management, building signage, 12-foot slab heights, and access to public transit.
Savanna acquired the asset in December 2010 for $135 million, simultaneously purchasing the fee ownership position and leasehold interests and immediately collapsing them into fee-simple ownership, according to CoStar data. Two years later the firm had completed an extensive repositioning that included a redesigned lobby and entrance, updated facade and roof, and renovated storefronts....
Adam Spies, Douglas Harmon, Joshua King, and Adam Doneger of Eastdil Secured teamed up with Woody Heller, Will Silverman, and Eric Negrin at Savills Studley in advising Savanna on the sale. The Eastdil Secured team also represented Westbrook in the acquisition. Savanna Sells 1375 Broadway for $310M
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