The Real Deal New York

Savanna picks up controlling interest in One Court Square

David Werner, Waterbridge capital to remain partners in the deal

August 25, 2014 03:00PM

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From left: Savanna managing partners Christopher Schlank and Nicholas Bienstock and 1 Court Square

From left: Savanna managing partners Christopher Schlank and Nicholas Bienstock and 1 Court Square

Real estate private equity and asset management firm Savanna acquired a controlling interest in One Court Square, the 1.5 million-square-foot office and retail building in Long Island City.

David Werner and his investor group, which sold the controlling interest, will remain partners in the deal. The amount paid was not specified.

Savanna has a great track record in adding value to New York investments and we look forward to our partnership with them,” Werner said in a release from Savanna.

Savanna was rumored to be in talks to purchase One Court Square as early as last September. David Werner and Waterbridge capital purchased the building from SL Green for $500 million in 2011.

The 51-story, Class A high-rise tower, which also includes a four-story low-rise annex building, is the tallest structure in New York state outside Manhattan. — Julie Strickland

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    Moshe Schiff was the broker

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