Savanna picks up FiDi office building for $261M
Seller Swig Equities to stay on as property manager
Real estate investment firm Savanna, in a joint venture with KBS Capital Advisors, picked up 110 William Street from Swig Equities and the Dubai Investment Group for $261 million.
The 32-story, 928,000-square-foot office tower is located on the corner of William and John streets in the Financial District. Douglas Harmon and Adam Spies of Eastdil Secured represented Swig in the sale, while Laurie Grasso, Susan Saslow and Carl Schwartz of Hunton & Williams represented the buyers, according to a release from Savanna.
Newmark Grubb Knight Frank’s Hal Stein, Andrew Peretz, Adam Leshowitz and Todd Stracci will head up the property’s leasing efforts, while Swig Equities will stay on as the day-to-day management.
Savanna picked up the mortgage on Swig’s nearby 5 Hanover Square in 2010 for $51.5 million, taking control of the property while the previous owner stayed on as property manager, as is the arrangement with 110 William Street. — Julie Strickland