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Blackstone Selling 5 Bryant Park For $640M

5 Bryant Park in Midtown Manhattan

Private equity firm Savanna has entered a contract to buy the office tower 5 Bryant Park for $640M.

Blackstone signed the contract to sell the building, which has an alternative address of 1065 Sixth Ave., last week, The Real Deal reports. The property had been on the market since 2016, and the sale works out to be approximately $980 per SF. When Blackstone originally marketed the property, it was seeking offers at $700M.

Blackstone bought the 665K SF, 34-story building in 2006, according to TRD. The acquisition was part of the $7.2B joint-venture takeover of Trizec Properties with Brookfield Property Partners.

Savanna has been expanding its office property portfolio. In August it entered a contract to buy the Berkeley Building for $192M from German investment firm Deka Immobilien. While many investors are raising money targeting Manhattan real estate buys, the firm led by Chris Schlank and Nicholas Bienstock is one of the few actually acquiring assets while the market has remained somewhat sluggish.

Savanna is also planning to build a a 26-story, 90K SF boutique office building at 106 West 56th St. and recently began a $35M capital improvement project at the Falchi Building in Long Island City it bought from Jamestown.