The Real Deal New York

Savanna decides to hold on to One Court Square

Fund takes 1.5M sf office tower off the market

September 17, 2015 04:54PM
By Rich Bockmann

From left: Savanna's Christopher Schlank, Nicholas Bienstock and One Court Square

From left: Savanna’s Christopher Schlank, Nicholas Bienstock and One Court Square

The owners of Long Island City’s One Court Square have changed course and decided against selling the 1.5 million-square-foot office tower.

Savanna, which bought a controlling interest in the tower at 25-01 Jackson Avenue, also known as the Citibank Building, was shopping the property for sale earlier this year. As a possible residential conversion, the building could have reportedly fetched a price north of $500 million.

Savanna decided not to sell, though, and has instead refinanced the property’s $315 million mortgage, Commercial Real Estate News reported.

The private equity firm led by managing partners Christopher Schlank and Nicholas Bienstock bought a controlling interest in the building last year from David Werner and Joel Schreiber’s Waterbridge Capital, which bought the property from SL Green in 2011 for $500 million.

Citibank occupies the entirety of the 26-year-old building on a lease that runs through 2020.