{"id":1004194346,"date":"2017-10-19T04:02:28","date_gmt":"2017-10-19T12:02:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004194346"},"modified":"2022-12-09T02:30:30","modified_gmt":"2022-12-09T10:30:30","slug":"savanna-picks-up-nyc-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/savanna-picks-up-nyc-office-tower\/","title":{"rendered":"Savanna Picks Up NYC Office Tower"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004194359\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/19-West-44th-Street.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004194359\" data-attachment-id=\"1004194359\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/savanna-picks-up-nyc-office-tower\/19-west-44th-street-800x620\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/19-West-44th-Street-800x620-e1508414489533.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;14&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark III&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1497010335&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;12&quot;,&quot;iso&quot;:&quot;320&quot;,&quot;shutter_speed&quot;:&quot;0.01&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"19 West 44th Street 800&#215;620\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;19 West 44th St. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/19-West-44th-Street-800x620-e1508414489533.jpg?w=800\" loading=\"lazy\" class=\"wp-image-1004194359 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/19-West-44th-Street-800x620-e1508414489533.jpg\" alt=\"19 West 44th St. \" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/19-West-44th-Street-800x620-e1508414489533.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/19-West-44th-Street-800x620-e1508414489533.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/19-West-44th-Street-800x620-e1508414489533.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004194359\" class=\"wp-caption-text\">19 West 44th St.<\/p><\/div>\n<p>The office building at 19 W. 44th in Midtown Manhattan has joined the portfolio of the real estate investment manager and developer for $195 million. The company acquired the approximately 304,000-square-foot property from Deka Immobilien GmbH in a $195 million deal.\u00a0Savanna has tapped commercial real estate services firm JLL to spearhead leasing at 19 W. 44th.<\/p>\n<p>Savanna comes into possession of 19 W. 44th seven years after Deka Immobilien bought the 18-story tower from SL Green Realty Corp. for $123.2 million. Commercial real estate services firm Colliers International marketed the office destination on the seller\u2019s behalf, and Savanna snapped it up with the assistance of a $92.7 million loan obtained through Mesa West Capital. The loan, however, has its uses beyond the acquisition; approximately $25 million of the proceeds are designated for repositioning the Starrett &amp; Van Vleck-designed building, which was originally developed in 1916.\u00a0<\/p>\n<p><em>\u201cWe will position 19 West 44th Street as a property tailored for all tenants in the market, including smaller tenants,\u201d<\/em> Andrew Kurd, Director at Savanna, told <em>Commercial Property Executive<\/em>.\u00a0 <em>\u201cThese tenants prefer the look and feel of boutique office buildings that let them have their own identity.\u201d<\/em><\/p>\n<h2>Forever keen on Manhattan<\/h2>\n<p>At the close of the third quarter, 19 W. 44th was among five pending office transactions totaling nearly $1.9 billion, per a report by Colliers. Sales velocity may change, but investor appetite for Manhattan office product remains strong. <em>\u201cDespite a slowdown in transaction activity, there is no shortage of capital from global and domestic sources seeking investment opportunities in Manhattan,\u201d<\/em> Richard Baxter, vice chairman with Colliers Capital Markets, noted in the report.<\/p>\n<p>Recently announced Manhattan office deals include UNIZO Holdings Co. Ltd.\u2019s acquisition of 685 Third Ave., a 651,400-square-foot Midtown building, for $467.5 million. Columbia Property Trust also took a big bite out of the Big Apple with the $514 million purchase of a <a href=\"https:\/\/www.commercialsearch.com\/news\/columbia-expands-nyc-portfolio-with-514m-office-buy\/\">Chelsea-area portfolio<\/a> consisting of the 165,700-square-foot property at 218 W. 18th St., and 245-249 W. 17th St., two adjoining buildings totaling 281,300 square feet.<\/p>\n<p><em>Image courtesy of Savanna<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The real estate company purchased 19 W. 44th St. from Deka Immobilien GmbH, and plans to invest more than $25 million in renovations at the 300,000-square-foot Midtown property.<\/p>\n","protected":false},"author":969,"featured_media":1004194355,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1600,21742,10,21747],"tags":[37548,32796,33240,38018,32895],"class_list":["post-1004194346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-deka-immobilien","tag-jll","tag-mesa-west-capital","tag-savanna","tag-sl-green-realty-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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