Savanna, in a joint venture with KBS Capital Advisors, announced this week that it had purchased 110 William Street from Swig Equities and the Dubai Investment Group for $261 million, or $281 per square foot. Terms of the deal were not disclosed, but press releases did indicate that Savanna was represented by Laurie Grasso and Susan Saslow of Hunton & Williams in the acquisition and Carl Schwartz of Hunton & Williams in the joint venture with KBS Capital Advisors.
"Our acquisition of 110 will accelerate the positive transformation of William Street that is occurring as institutional firms continue to buy and upgrade many of the adjacent properties," said Nicholas Bienstock, a managing partner at Savanna, in a statement. "By investing in and improving the building, we expect to attract the same diverse group of tenants that we have been able to attract to our other Downtown properties."
The 32-story, 928,000 square foot Financial District tower is located in the heart of Lower Manhattan, with direct entry from its lobby to the subway and the future Fulton Center, a new major transit hub scheduled for completion late next month. Savanna said it plans to undertake a comprehensive capital improvement plan at the building, with Newmark Grubb Knight Frank leading leasing efforts, and Swig Equities providing property management services.
"It's an exciting time to be investing in Downtown Manhattan as the long transformation has arrived, with over $30 billion in capital invested in Downtown from both the public and private sector over the last ten years," said Adam Spies of Eastdil Secured, which served as exclusive advisors for the transaction. "As Downtown has become the epicenter of the region's vast pool of high-value, knowledge workers, the demand for office space continues to increase, evidenced by 22 percent year over year increase in rental rates as of first quarter 2014."
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