Cornerstone acquires Manhattan office property
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.