Transactions - MAY 6, 2014

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Savanna and KBS purchase Manhattan office tower for $261.1m

by Andrea Waitrovich

Savanna Partners has acquired 110 William St., located in Manhattan, in a joint venture with KBS Capital Advisors for $261.5 million, or $304 per square foot.

The sellers were joint venture partners Swig Equities, Silverpeak Real Estate Partners and Longwing, on behalf of Dubai Holding.

Eastdil Secured represented the sellers, and Hunton & Williams represented the buyers.

The sellers retained an interest in the asset. Swig is expected to retain a small equity interest and will also manage the property. And the buyers will likely assume $141.5 million in existing first mortgage debt financed by

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