Savanna picks up two Chelsea office buildings
Savanna, a real estate private-equity and asset management firm, has picked up two office buildings at 245 and 249 West 17th Street in Chelsea for an undisclosed amount, the New York Post reported. The acquisitions — totaling 284,000 square feet — brings the size of Savanna’s Manhattan portfolio up to more than 4 million square feet. The seller was the Pressman family.
Built in 1902, the six-story, former warehouse and wagon house for the Siegel Cooper department store at 249 West 17th contains approximately 145,000 square feet of space. The adjacent 12-story building at 245 West 17th has an equal amount of space. The combined retail space offered by the buildings totals around 40,000 square feet.
Savanna plans to spend $21 million on capital improvements, which according to company vice president Kevin Hoo will “preserve and enhance the loft-style aesthetic.”
Eastern Consolidated’s Brian Ezratty brokered the deal exclusively. Newmark Grubb Knight Frank’s David Falk, Peter Shimkin, Danny Levine and Nick Berger will handle office leasing, the same firm’s Jeff Roseman and Amy Zhen will market the retail space. [Post] —Christopher Cameron