Savanna in contract to buy Midtown East office building

Private equity firm is buying 360 Lexington in the low $180M range

TRD New York /
May.May 28, 2019 12:00 PM
Savanna's Chris Schlank and Nick Bienstock with 360 Lexington Avenue (Credit: Google Maps)

Savanna’s Chris Schlank and Nick Bienstock with 360 Lexington Avenue (Credit: Google Maps)

Savanna is in contract to buy a Midtown East office building for more than $180 million.

The private equity real estate firm signed a hard contract to buy 360 Lexington Avenue from AEW Capital Management, sources told The Real Deal.

The price is in the low $180 million range, or around $720 per square foot.

Representatives for Savanna and AEW Capital Management declined to comment.

AEW Capital, the real estate investment arm of French investment bank Natixis, put the 26-story building at the corner of Lexington Avenue and East 40th Street up for sale earlier this year.

The property is 82 percent leased, with several leases rolling over next five or so years. The property’s largest tenant, Webster Bank, expanded to an additional floor in 2017.

A source familiar with the property said it attracted interest from foreign groups as well as several local operators.

An Eastdil Secured team of Brett Siegel, Evan Layne, Gary Phillips, Rachel Humphrey and Alex Scheetz is handling the sale for AEW Capital, which purchased the building in 2008 for $129.5 million. The brokers declined to comment.

Savanna, meanwhile, has been busy buying up properties as of late. The Park Avenue-based investment firm, run by Christopher Schlank and Nicholas Bienstock, closed last week on its $110 million purchase of Flatiron District office property at 24-28 West 25th Street – deal that was marketed by the same Eastdil team handling the 360 Lexington sale.

Late last year it bought another building on the same block for $90 million. And the company just closed on the office building at 521 Fifth Avenue from SL Green Realty for $381 million.


Related Articles

arrow_forward_ios
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
The legislation from a City Council member introduced a bill to temporarily repeal the commercial rent tax for businesses during the Covid-19 state of emergency. (Getty, iStock)

Commercial rent tax cut introduced in City Council

Commercial rent tax cut introduced in City Council
Michael Rudder, James Nelson, 141 Wooster Street and 633 Third Avenue (Google Maps)

The Outlook: Industry experts break down Manhattan’s office condo market

The Outlook: Industry experts break down Manhattan’s office condo market
Peter Nicoletti and Colliers' David Amsterdam

Colliers taps JLL’s Peter Nicoletti to lead capital markets

Colliers taps JLL’s Peter Nicoletti to lead capital markets
City Council member Keith Powers (Getty)

Pol, biz groups: Suspend rent tax, extend outdoor dining

Pol, biz groups: Suspend rent tax, extend outdoor dining
Only 9 percent of workers had returned to Midtown and 8 percent to Downtown. (iStock)

Where is everybody? City workers still home

Where is everybody? City workers still home
arrow_forward_ios

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

Loading...