Savanna purchases debt on 100 Wall Street

Savanna purchased the debt on 100 Wall Street from Prudential Real Estate, and sources told Crain’s that the real estate investment firm did so with intent to take over the tower if Lehman Brothers, the current owner, defaults.

Sign Up for the undefined Newsletter

Lehman Brothers took the property from Broadway Partners in 2009 when the firm couldn’t pay its debts on the building; however the property is not profitable enough to overcome the debt services attached to it.

Savanna has been extremely active on the New York market of late. The firm picked up four Manhattan buildings in the last 12 months, and announced its intentions to add up to six more in 2011. [Crain’s]