The Real Deal New York

Chris Schlank (left), managing partner and founder of Savanna, and fellow managing partner Nicholas Bienstock

From the June issue: As the market struggles to recover its footing, a few brave souls have dipped their toes into the water of New York’s turbulent real estate investment world. Meanwhile, a small but growing firm called Savanna Partners is diving into the commercial office market headfirst, with a half-dozen debt acquisitions in the past 12 months, and plans for several more by the end of 2011.
Other than Los Angeles-based CIM Group, or Ziel Feldman’s HFZ, few companies have made as much of a splash here lately, and none have come close in the office market. The firm closed its second real estate fund earlier this year, with $550 million from a variety of investors ranging from pension funds to insurance companies and wealthy invidivuals. In addition, the team-oriented company’s lack of bureaucracy — combined with a deep bench of analysts and impressive fund-raising prowess — has made it the firm to watch this year.
While rival firms stand on the sidelines waiting for the capital markets to move, Savanna is putting itself forward as a firm ready, willing and able to make deals happen, often before anyone else sees them coming. [more]