Search
 

Savanna Takes Controlling Interest at 2 Rector Street

NEW YORK CITY-Data from Real Capital Analytics shows that Savanna initially acquired part of the $100 million first mortgage at a discount in 2007.

By Jacqueline Hlavenka | Updated on October 18, 2012

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.