Transactions - AUGUST 28, 2014

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Savanna acquires controlling interest in Queens high-rise

by Andrea Waitrovich

Savanna and its joint venture partner Junius Real Estate Partners, an affiliate of J.P. Morgan Asset Management, have acquired a 49 percent partial interest in One Court Square, a 1.4 million-square-foot office complex in Long Island City, N.Y., for $100 million. David Werner and his investor group, which sold the controlling interest, will also remain a partner in the deal.

Designed by architecture firm Skidmore, Owings & Merrill LLP, One Court Square was built by Turner Construction in 1989. The property comprises a 51-story, class A high-rise tower and a four-story low-rise annex building. The tower, the tallest structure in New York state outside Manhattan, features 31,000-square-foot floorplates and views of the Manhattan skyline.

David Werner’s partners include

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