Savanna has finalized its purchase of the Uber- and Lyft-occupied Falchi Building in Long Island City, and is already planning on spending tens of millions to upgrade it.
Savanna acquired the five-story, 711k SF building from Jamestown for about $255M in a deal that's been brewing for a few months. Savanna owns One Court Square, also known as the Citibank Building, not far away. It secured $200M in acquisition financing from Blackstone; Eastdil Secured brokered the sale and the financing.
Savanna plans to spend $35M upgrading the offices and ground-floor retail space, building out new systems and amenities. Cushman & Wakefield has been enlisted to lease the office and retail. The building, built in the early '20s, was 91% occupied as of this fall.
Jamestown paid $81.2M for Falchi in 2012, when it took it off The Chetrit Group's hands, and has already completed an extensive renovation of its own, allowing it to triple the price it paid just four years ago. It put the building on the market in July.
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