{"id":1004737970,"date":"2024-11-21T00:51:13","date_gmt":"2024-11-21T08:51:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004737970"},"modified":"2024-11-21T08:22:03","modified_gmt":"2024-11-21T16:22:03","slug":"savanna-pays-255m-for-manhattan-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/savanna-pays-255m-for-manhattan-office-asset\/","title":{"rendered":"Savanna Pays $255M for Manhattan Office Asset"},"content":{"rendered":"\n

<\/p>\n\n\n

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\"Exterior<\/a>
The 12-story office building came online on the former site of a 19th-century hotel that was converted into office space in 1940. Image courtesy of Savanna<\/em><\/figcaption><\/figure><\/div>\n\n\n

Savanna has purchased 799 Broadway, a 176,588-square-foot office property in Manhattan, for $255 million\u2014about $1,444 per square foot. Columbia Property Trust and Cannon Hill Capital Partners sold the asset. Eastdil Secured brokered the deal.<\/p>\n\n\n\n

The buyer acquired the distressed office property at a discounted price through a lender-controlled sale process administered by Blackstone. In 2022, Blackstone provided $270 million to refinance the mid-rise, according to The Real Deal.<\/em><\/p>\n\n\n\n

The 12-story building came online in 2022 on the former site of an 1873-completed hotel that was converted to office space in 1940.<\/p>\n\n\n\n

A partnership between Ares Management and Normandy Real Estate Partners bought the building in 2016 for $101 million, New York YIMBY <\/em>reported. In January 2020, Columbia Property Trust acquired Normandy Real Estate Partners, assuming the ownership of the company\u2019s assets, CommercialEdge data shows.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Manhattan Office Shows Strength in a Still Lackluster Market<\/a><\/p>\n\n\n\n

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At the time of sale, the LEED Gold-certified property was 71 percent leased with an 11-year weighted average lease term. The tenant roster includes Bain Capital Ventures, NewRez and Wellington Management, according to the same source.<\/p>\n\n\n\n

Designed by Perkins + Will, the building features private terraces, tenant lounge and ample outdoor space. Located within the Greenwich Village neighborhood of Lower Manhattan, the mid-rise also has more than 23,000 square feet of retail space and a fitness center.<\/p>\n\n\n\n

Eastdil Secured Managing Directors Will Silverman and Gary Phillips led the team that brokered the transaction on behalf of the buyer and seller.<\/p>\n\n\n\n

Manhattan office sales volume still leads nationally<\/h2>\n\n\n\n

Manhattan\u2019s office investment volume year-to-date through October reached almost $3.3 billion, according to the latest CommercialEdge office report<\/a>. Assets in the market traded for $344 per square foot on average, almost double the $177 national figure.<\/p>\n\n\n\n

Following a significant period of a depressed market, some of Manhattan’s office metrics are showing improvement, such as a drop in vacancy and steady transaction activity. Still, buildings are trading at significantly lower prices. <\/p>\n\n\n\n

In one of the largest transactions this year so far, RFR Realty sold 980 Madison Ave.<\/a>, a 118,635-square-foot asset, for $560 million after defaulting on its $197.6 million CMBS loan. The property changed hands for roughly $4,717 per square foot.<\/p>\n","protected":false},"excerpt":{"rendered":"

The buyer acquired the distressed office property at a significant discount.<\/p>\n","protected":false},"author":3355,"featured_media":1004737972,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1600,21742,10,21747],"tags":[32892,51679,33221,33101,38018],"class_list":["post-1004737970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-blackstone","tag-cannon-hill-capital-partners","tag-columbia-property-trust-inc","tag-eastdil-secured","tag-savanna"],"acf":[],"yoast_head":"\nSavanna Pays $255M for Manhattan Office Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Savanna acquired 799 Broadway, an office asset in Manhattan, for $255 million from Columbia Property Trust and Cannon Hill Capital Partners.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/savanna-pays-255m-for-manhattan-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Savanna Pays $255M for Manhattan Office Asset\" \/>\n<meta property=\"og:description\" content=\"Savanna acquired 799 Broadway, an office asset in Manhattan, for $255 million from Columbia Property Trust and Cannon Hill Capital Partners.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/savanna-pays-255m-for-manhattan-office-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-21T08:51:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-21T16:22:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/799-Broadway-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1700\" \/>\n\t<meta property=\"og:image:height\" content=\"1275\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/savanna-pays-255m-for-manhattan-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/savanna-pays-255m-for-manhattan-office-asset\/\",\"name\":\"Savanna Pays $255M for Manhattan Office Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/savanna-pays-255m-for-manhattan-office-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/savanna-pays-255m-for-manhattan-office-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/799-Broadway-1.jpg\",\"datePublished\":\"2024-11-21T08:51:13+00:00\",\"dateModified\":\"2024-11-21T16:22:03+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412\"},\"description\":\"Savanna acquired 799 Broadway, an office asset in Manhattan, for $255 million from Columbia Property Trust and Cannon Hill Capital Partners.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/savanna-pays-255m-for-manhattan-office-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/savanna-pays-255m-for-manhattan-office-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/savanna-pays-255m-for-manhattan-office-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/799-Broadway-1.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/799-Broadway-1.jpg\",\"width\":1700,\"height\":1275,\"caption\":\"The 12-story office building came online on the former site of a 19th-century hotel that was converted into office space in 1940. 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