Savanna eyes Long Island City’s signature skyscraper

September 06, 2013 01:26PM

Savanna Partners is rumored to be in talks to Purchase 1 Court Square, the 52-story tower in Long Island City. The 1.4 million-square-foot tower, the tallest office building in New York City outside Manhattan, last went for $500 million to current owners David Werner and Waterbridge Capital.

While it’s not clear how much Savanna would pay if the deal works out, the building — built in 1985 and currently almost 100 percent occupied by Citibank — is likely to go for quite a bit more than that, as property prices in the area have turned upward. The tower has changed owners a few times in recent years, purchased by real estate investment trust Reckson in 2005 for $470 million, then acquired by SL Green Realty when it bought Reckson in 2006. SL Green then sold the property to David Werner and Waterbridge in November 2011.

Savanna, a development and real estate investment firm, has been keeping busy lately, selling a 14,000-square-foot retail condominium at 465 Broadway in Soho for $80 million in July, and 5 Hanover Square for $104 million. [Crain’s]Julie Strickland