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Westbrook Buys 1375 Broadway for $310M

NEW YORK CITY—The seller, Savanna, undertook an extensive repositioning of the Midtown office property after acquiring it in 2010.

By John Jordan | Updated on June 02, 2015

NEW YORK CITY—Westbrook Partners has acquired the 1375 Broadway office tower here from real estate private equity firm Savanna for $310 million.

Savanna acquired the property in 2010 for $135 million and undertook an extensive repositioning of the property that included a redesign of the lobby and entrance and a renovation of the façade, roof and retail storefronts. Savanna leased more than 190,000 square feet during its ownership of the 510,000-square-foot office building located on the northwest corner of 37th Street and Broadway. Rents have increased at the building from $22-per-square-foot at acquisition to the low $60s per-square-foot today.

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