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Savanna decides to hold on to One Court Square
Fund takes 1.5M sf office tower off the market
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.