Despite the improved lending market, one of the most active purchasers of
Manhattan office buildings last year, private equity firm Savanna, expects to
buy up to six properties in the city this year, founder and managing partner
Christopher Schlank tells Insights from The Real Deal (see video above).
“We have been seeing quite a good deal flow, so I would assume probably four,
to five to six deals this year, in New York City,” he says.
Nicholas Bienstock, also a managing partner, discusses why the firm prefers
quietly marketed deals, and how it won the bidding to buy Monday Properties’
386 Park Avenue South.
Midtown-based Savanna, founded during a previous recession in 1992, bought
four office buildings last year with 1.4 million square feet for just under $300
million. The most recent purchase was 1375 Broadway, in December, for $135
million.
The firm is closing its second fund, which reports say is expected to raise $500
million. So far about half the investors are foreign entities, sources said.