Savanna, a New York City-based real estate investment manager, owner/operator and developer, announced it has acquired 799 Broadway, a 12-story, 176,588-square-foot, trophy-quality class A office building with ground-floor retail located in the Greenwich Village neighborhood of lower Manhattan.
Savanna acquired the distressed office property from Columbia Property Trust and Cannon Hill Capital Partners at a deeply discounted price of $255 million, completed through a lender-controlled sale process administered by Blackstone.
The premium office property was first delivered in 2022, making it one of the newest buildings in New York City. The well-located asset sits at the intersection of Broadway and 11th Street, just south of Union Square, and is 71 percent leased with an 11-year weighted average lease term (WALT) for current tenants.
799 Broadway is a state-of-the-art building designed by Perkins&Will, offering 15-foot ceiling heights as well as floor-to-cei
