The Real Deal New York

Westbrook buys 1375 Broadway for $310M

Savanna bought the property in 2010 for $135 million

June 02, 2015 08:00AM

Clockwise from left: Savanna's Christopher Schlank, 1375 Broadway and Savanna's Nicholas Bienstock

Clockwise from left: Savanna’s Christopher Schlank, 1375 Broadway and Savanna’s Nicholas Bienstock

Westbrook Partners is the only buyer of Savanna’s 1375 Broadway. The real estate and private equity firm is selling the property at West 37th Street for $310 million, according to the New York Post, which is more than twice what it paid in 2010.

Previously, Savanna had planned to keep an ownership stake in the 27-story, 513,000-square-foot property, as reported by The Real Deal. 

Savanna was also looking to sell 31 Penn Plaza, also to Westbrook, but it’s unclear what’s happening to that deal, the Post reported.

Eastdil Secured’s Adam Spies, Doug Harmon, Joshua King and Adam Doneger as well as by Savills Studley’s Woody Heller, Will Silverman and Eric Negrin brokered the deal on behalf of Savanna. Eastdil also represented Westbrook, according to the newspaper.

Savanna upgraded the 1927 built property and signed more than 190,000 square feet. Asking rents in the building are now in the low $60s. [NYP, 2nd] — Claire Moses