Westbrook to purchase NYC portfolio for $650m
Westbrook Partners is under contract to purchase a two-property office portfolio in New York City from Savanna. Eastdil Secured is representing the seller.
The portfolio has a total value of approximately $650 million, or $694 per square foot.
The sale is for a partial interest of 96 percent. Savanna will retain the remaining 4 percent and will continue to manage the properties. The sales price is $624 million.
The larger asset is the 513,000-square-foot office located at 1375 Broadway, selling for $356.25 million. The 26-story office tower is 91 percent occupied. Major tenants include Micro Office, Anchin Block & Anchin, Meryl Diamond, Manhattist Inc. and City Home Companion. Savanna purchased the office building in 2010 for $135 million.
The second property is located seven blocks away at 132 W. 31st St., the PennCom Plaza. The 423,000-square-foot office asset is selling for $293.7 million. It is 98 percent occupied. Major tenants inclu