Savanna sells 5 Hanover Square to CIM for $105M

TRD New York /
Jul.July 10, 2013 03:30 PM

Savanna is selling the office building at 5 Hanover Square to CIM Group, a private equity firm based in Los Angeles, for around $105 million – twice the amount the real estate investment firm paid just three years ago, Crain’s reported.

Eastdil Secured’s Adam Spies and Doug Harmon arranged the sale for Savanna, but declined to comment to Crain’s.

Savanna picked up the 335,000-square-foot building back in 2010 after the previous owner, Kent Swig, surrendered the property after going into default. Savanna bought out the mortgage for $51.5 million. Savanna kept Swig as the building’s leasing agent after the deal, during which time several transactions brought about 95 percent occupancy, a source told Crain’s.

“The market really turned around, [Savanna’s] strategy of buying notes was spot on,” Robert Knakal, chairman of Massey Knakal Realty Services, who sold 5 Hanover Square’s mortgage to Savanna on behalf of Capital One Bank, told Crain’s.

CIM, an active real estate buyer in New York City in recent years, also acquired 11 Madison Avenue and Is Developing 432 Park Avenue, a luxury residential property now going up on the corner of East 56th Street, with Macklowe Properties. [Crain’s]Julie Strickland


Related Articles

arrow_forward_ios
Christopher Schlank, Nick Beinstock and 1375 Broadway (Credit: Google Maps)

Big Midtown deal looms over Savanna’s latest fundraising effort

Big Midtown deal looms over Savanna’s latest fundraising effort
SL Green's Mark Holliday with Industry City in Brooklyn and 95 Morton Street (Credit: Industry City; SL Green; Google Maps)

SL Green in talks to sell loans to CIM, Rockwood

SL Green in talks to sell loans to CIM, Rockwood
Savanna’s Chris Schlank and Nick Bienstock with 1375 Broadway (Credit: Google Maps)

Savanna buying Garment District office building for $435M

Savanna buying Garment District office building for $435M
From left: 461 Dean Street, One Court Square and 18 Sixth Avenue

Queens tower led Brooklyn-saturated list of outer-borough loans

Queens tower led Brooklyn-saturated list of outer-borough loans
Savanna's Chris Schlank and One Court Square (Credit: iStock)

One Court Square recapitalized in $880M deal

One Court Square recapitalized in $880M deal
685 Fifth Avenue and Michael Shvo (Credit: Shvo)

Shvo, partners land $120M construction loan for 685 Fifth Avenue

Shvo, partners land $120M construction loan for 685 Fifth Avenue
Canarsie Plaza and Blackstone’s Kathleen McCarthy (Credit: Google Maps and Blackstone)

Blackstone picks up Canarsie shopping plaza for $130M

Blackstone picks up Canarsie shopping plaza for $130M
2417 Third Avenue in the Bronx (Credit: Google Maps)

Savanna’s Bruckner Building goes into contract for $65M

Savanna’s Bruckner Building goes into contract for $65M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...