NEW YORK CITY—Savanna is about to be sitting pretty. The firm is under contract to sell 80 Broad St. to Broad Street Development for $175 million—more than three times the previous purchase price, according to the New York Post. For the 430,000-square-foot, 36-story pre-war office tower, that works out to a price in the low $400s per square foot.
Savanna took control of 80 Broad St. in 2011, when it purchased the senior mortgage at a 12% discount on its $75 million face value. Eastdil Secured's Doug Harmon and Adam Spies brokered the sale to Broad Street for Savanna, after fielding what a Post source called “aggressive” offers by local and foreign investors.
Broad Street CEO and principal Raymond Chalme credited Savanna for several steps it took during the time it owned the asset. “The building was impacted by Hurricane Sandy and needed new infrastructure.” Savanna moved electrical and mechanical systems out of future harm's way to the second floor, and re-tenanted the address to 89% occupancy.
Broad Street COO and principal Daniel Blanco is slated to speak with GlobeSt.com; watch this space tomorrow for an UPDATE. Savanna and Eastdil officials declined to comment.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
