NEW YORK CITY-Making yet another play in the Lower Manhattan office market, private equity and asset management firm Savanna has acquired a controlling interest in 2 Rector Street in partnership with Stellar Management, according to a joint statement from the two companies.
Data from Real Capital Analytics shows that Savanna initially acquired part of the $100 million first mortgage at a discount in 2007. In 2010 Savanna worked with Stellar to recapitalize the property, providing a $10 million mezzanine loan on the asset. Savanna recently worked with Stellar to buy out Stellar’s partners, including Lehman Brothers, acquiring a controlling stake in the property.
The property is a 464,000-square-foot, 26-story multi-tenant office building located adjacent to the World Trade Center development, with frontage occupying the full block on Rector Street between Greenwich Street and Trinity Place. Tenants here include the New York City Department of Transportation, Merrill Lynch and Studio Daniel Liebskind LLC.
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