The Real Deal New York

$275M sale of 100 Wall St. sets Downtown record

Highest per-square-foot price ever for a building East of Broadway

May 20, 2015 08:30AM

From left: 100 Wall Street, Savanna's Christopher Schlank and Nicholas Bienstock

From left: 100 Wall Street in Lower Manhattan, Savanna’s Nicholas Bienstock and Christopher Schlank

Cornerstone Real Estate Advisers is buying the 29-story office tower at 100 Wall Street from Savanna for $275 million.

The price for the nearly 520,000-square-foot tower comes out to $528 per square foot, which is a record for any building east of Broadway, the New York Post reported. Savanna bought the building in 2011 from Lehman Brothers for $120 million and has invested roughly $26 million in renovating the property.

Eastdil Secured’s Douglas Harmon and Adam Spies brokered the sale on behalf of Savanna.

The building is 97 percent occupied, according to the newspaper. Savanna recently signed five new leases for a total of 40,000 square feet. In total, the seller signed 355,000 square feet of deals since 2011. [NYP] — Claire Moses