{"id":1004082648,"date":"2013-08-26T06:34:08","date_gmt":"2013-08-26T14:34:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004082648"},"modified":"2022-12-08T21:18:51","modified_gmt":"2022-12-09T05:18:51","slug":"savanna-fund-ii-reit-sells-manhattans-5-hanover-sq-for-104m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/savanna-fund-ii-reit-sells-manhattans-5-hanover-sq-for-104m\/","title":{"rendered":"Savanna Fund II REIT Sells Manhattan\u2019s 5 Hanover Sq. for $104M"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Hanover.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004082651\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/savanna-fund-ii-reit-sells-manhattans-5-hanover-sq-for-104m\/hanover\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Hanover.jpg\" data-orig-size=\"425,640\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;C. Taylor Crothers&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;C. Taylor Crothers&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Hanover\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Hanover.jpg?w=425\" class=\"alignleft size-medium wp-image-1004082651\" alt=\"Hanover\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Hanover.jpg\" width=\"199\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Hanover.jpg 425w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Hanover.jpg?resize=199,300 199w\" sizes=\"auto, (max-width: 199px) 100vw, 199px\" \/><\/a>CIM Group has acquired 5 Hanover Square, a 25-story building in Manhattan\u2019s Financial District, from Savanna Fund II REIT for $104 million.<\/p>\n<p>The 25-story building, located on the northern side of Hanover Square between Pearl and Beaver streets, has approximately 330,000 square feet, including around 7,500 square feet of retail on the ground floor. Savanna obtained control of the building after it purchased the mortgage on the property during the economic downturn.<\/p>\n<p>This was the second transaction between the two companies this summer, as Savanna sold 2 Rector St., a 26-story office property and 466,000 square feet of rentable space,\u00a0to CIM Group and Kushner Cos. back in June for $140 million.<\/p>\n<p>For the new deal, Savanna was advised by the New York team of the Hunton &amp; Williams real estate practice group.<\/p>\n<p>\u201cSavanna has made a substantial investment in downtown Manhattan, including 5 Hanover, which is an investment very typical of Savanna\u2019s focus over the last two years,\u201d Carl Schwartz, co-chair of Hunton &amp; Williams\u2019 real estate practice, told <i>Commercial Property Executive<\/i>. \u201cSavanna completed its leasing and capital improvement programs resulting in a stabilized asset both from a capital and leasing perspective.\u201d<\/p>\n<p>When Savanna first acquired the building, occupancy was 70 percent and through a marketing and leasing program, along with a $7 million capital improvement program, which included two new chillers, a new cooling tower, a facade restoration, new roofing, an elevator modernization, and new bathrooms and corridors, occupancy increased to its current level of 96 percent.<\/p>\n<p>According to Schwartz, Savanna analyzed the downtown market and current trends and believed this was the right time to sell, and the sale resulted in a great return for both Savanna and its investors.<\/p>\n<p>The New York-based Hunton &amp; Williams team was led by Schwartz, partner Laurie Grasso, and Susan Saslow. Frank Cento, Jonathan Fein, and Carlos Suarez of Cushman &amp; Wakefield served as Savanna\u2019s leasing agent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CIM Group has acquired 5 Hanover Square, a 25-story building in Manhattan\u2019s Financial District, from Savanna Fund II REIT for $104 million.<\/p>\n","protected":false},"author":451,"featured_media":1004082651,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,11,21752,1600,21742,10],"tags":[],"class_list":["post-1004082648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-midatlantic","category-mixed-use","category-new-york","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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