On Tuesday, Savanna announced its acquisition of 799 Broadway, a 12-story Class-A office building located in Greenwich Village. The investment management firm purchased the distressed property from Columbia Property Trust and Cannon Hill Capital Partners for $255 million through a lender-controlled sale process managed by Blackstone.
Built in 2022, 799 Broadway is one of the newest buildings in New York City. It sits at the corner of Broadway and 11th Street, just south of Union Square. Currently, it is leased to tenants occupying approximately 71% of its total space with an average lease term of eleven years.
According to Kerry Powers, managing director at Savanna, this acquisition aligns with their strategy to acquire top-quality real estate assets in New York City at significantly discounted prices due to market volatility.
The transaction was facilitated by Eastdil Secured’s team led by Gary Phillips and Will Silverman representing both Savanna and the seller.
This news was originally reported on Connect CRE but has been rewritten for clarity and conciseness.
