NEW YORK CITY—Savanna has sold 80 Broad St., a 423,000-square-foot office building in Lower Manhattan, to Broad Street Development for $173 million. Adam Spies, Douglas Harmon, Joshua King and Adam Doneger of Eastdil Secured represented Savanna in the sale. Attorneys Leo Leyva, Jordan Metzger and Tara Ryan of Cole, Schotz, Meisel, Forman & Leonard P.A. served as the seller's counsel.
After acquiring the property in 2011, Savanna completed a comprehensive capital improvement program including a lobby renovation, façade upgrade, modernized elevators, and upgrades to the common area bathrooms and corridors. Savanna also invested significant capital to complete valuable work following Hurricane Sandy, protecting the building against future weather related risks. This effort included the relocation of critical systems such as electrical switchgear, fire alarm systems and security systems, from the basement to higher floors.
Working with the leasing team of Hal Stein, Adam Leshowitz and Todd Stracci of Newmark Grubb Knight Frank, Savanna leased a total of 270,000 square feet at the property during its ownership.
“We are proud of the improvements we have made at 80 Broad St. and the leasing success that has followed,” says Christopher Schlank, managing partner of Savanna. “80 Broad Street is a further testament to the growth of the Lower Manhattan market, which continues to transform and attract tenants across a wide variety of industries.”
With several major development and transportation projects underway, the Downtown area has seen a marked increase in tenant demand, drawing more residents, retailers, and corporations. Growth in the technology, advertising, media and information sector has been particularly significant. Centrally located in the Financial District, 80 Broad Street is poised to benefit from this ongoing transformation.
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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.
