Savanna raises $600M fund, its largest yet

Fund already spent over $300M on two Manhattan properties this year
By Rich Bockmann | December 13, 2017 03:20PM

From left: Christopher Schlank and Nicholas Bienstock with 31 West 27th Street and 19 West 44th Street

Savanna completed the raise of nearly $600 million for a new value-add fund, the private-equity firm’s largest fund to date.

The Midtown-based firm headed by Christopher Schlank and Nicholas Bienstock raised $591 million at the final closing for its fifth fund, which already picked up a pair of Manhattan properties this year, the company announced Wednesday.

“Having acquired two fantastic properties in prime locations with significant opportunities to add value, we are well underway in executing the strategy we discussed with our investors when raising Fund IV,” Bienstock said in a statement.

Earlier this year, the fund bought Westbrook Partners’ 31 West 27th Street office building for $126 million, and the office building at 19 West 44th Street from Deka Immobilien for $195 million.