Transactions - JULY 20, 2015

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Cornerstone acquires Manhattan office property

by Zoë Wolff

Cornerstone Real Estate Advisers have acquired 100 Wall Street in New York City for approximately $275 million from Savanna.

The 29-story office building was remodeled in 2014 and is currently 97 percent occupied. The 473,545-square-foot building’s major tenants include Harris Beach, Bank of Taiwan, NYSE Group and Lester Schwab Katz & Dwyer.

Savanna purchased the building in 2011 from Broadway Partners and PCCP LLC for $130 million.

The New York City office market has experienced strong sales volume so far in 2015, with 22 properties sold in the second quarter, totaling $8.4 billion, and 11 properties — sold and pending — totaling $5.1 billion so far in the third quarter, according to Real Capital Analytics.

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