Savanna closed on the sale of 100 Wall Street to Cornerstone Real Estate Advisers this week in a deal worth $275 million. Savanna originally acquired the 29-story office tower between Front and Water Streets in the Financial District in 2011 for about $120 million, adding about $25 million in capital improvements. Eastdil Secured's Douglas Harmon and Adam Spies brokered the sale on behalf of Savanna; terms of the deal were not disclosed.
"We are proud of the transformational change we achieved at 100 Wall Street," said Kevin Hoo, Managing Director at Savanna. "The incremental capital investment has significantly added to the property's future resiliency and repositioned it as a premier destination for a wide range of global, institutional quality tenants." In the past two years, Savanna leased over 355,000 square feet of space to several prominent businesses, raising the building's occupancy from 78% shortly after acquisition to 97% today. Major tenants include Lester Schwab Katz and Dwyer, Loeb Holding Corporation, Crenshaw Associates, and PCubed.
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