Savanna Paying $110M For Yet Another Manhattan Office Building
Savanna is spending $110M to buy an office property in the Flatiron district, marking another major Manhattan purchase for the private equity firm.
Unizo Holdings is selling the building at 24-28 West 25th St., The Real Deal reports. The Japanese firm, previously known as Jowa Holdings, paid $103.8M for the asset back in 2015.
Savanna, which has around 1M SF of office space to fill at the One Court Square building that Amazon briefly committed to as part of its HQ2 deal, has picked up several pricey office buildings in the last few years.
The firm, led by Chris Schlank and Nicholas Bienstock, bought nearby 48 West 25th St. for $90M last year. It entered into a contract to buy 521 Fifth Ave. in March, paying SL Green $381M. Savanna’s purchase of 5 Bryant Park for $640M was one of the biggest investment sales of 2018.
Unizo, on the other hand, is retreating from the city, with mixed results. It took a $12M loss on the office building at 321 West 44th St. when it sold it to Related Cos.' fund management arm last year for $152.5M. However, the firm made a $59M profit on 440 Ninth Ave., selling it to Taconic and TH Real Estate last year, per Commercial Observer.