American Exchange Group is adding another office property to its portfolio. This time the fashion designer has acquired 1375 Broadway in Midtown South, Manhattan, and is being financed via a $200 million note from Sail Harbor Capital, which originally bought the note for the property in August, according to a report from the Commercial Observer.
The deal is allowing New York-based Savanna to continue to operate the 511,006-square-foot building and it's unclear if that will change in the future.
Savanna first acquired the office property in 2010 and sold it in 2015 before buying it again in 2020. The property manager has made renovations to the lobby, roof, facade, entrance, and retail segments of the asset during its ownership. According to the company, it is planning to upgrade the 26th-floor terrace.
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