Savanna buying Garment District office building for $435M

Feb.February 12, 2020 10:59 AM
Savanna’s Chris Schlank and Nick Bienstock with 1375 Broadway (Credit: Google Maps)

Savanna’s Chris Schlank and Nick Bienstock with 1375 Broadway (Credit: Google Maps)

Savanna is buying a large office building in the Garment District, The Real Deal has learned.

The real estate private equity fund is in contract to buy 1375 Broadway from Westbrook Partners for $435 million, sources told TRD. That price works out to  $864 per square foot for the building.

Representatives for Savanna and Westbrook could not be immediately reached for comment.

Cushman & Wakefield’s Adam Spies, Doug Harmon, Adam Doneger and Josh King negotiated the sale. The brokers declined to comment.

One of the building’s largest tenants, the accounting firm Anchin, Block & Anchin, occupies roughly 120,000 square feet on a lease that is rolling over in a few years, which provides an opportunity for the new owner to bring the rent on that space up to market.

It also represents a return to the 27-story building for Savanna. The company sold the property to Westbrook in 2015 for $310 million.

The deal will be the first purchase for Savanna out of its newest real estate fund, its fifth, which the company started raising late last year.

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