Savanna is paying $255 million to acquire a distressed Class A building called 799 Broadway in Lower Manhattan.

The investment manager in a statement said it was able to get the asset at a "deep discount" from owners Columbia Property Trust and Cannon Hill Capital Partners. After the 176,588-square-foot building was built in 2022, Blackstone Mortgage Trust provided $270 million to refinance it.

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

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 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.

National
New York
Office