Blackstone Selling 5 Bryant Park For $640M

5 Bryant Park in Midtown Manhattan
Savanna's 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.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

After Departing Trump Admin, HUD's Former Philly Head Joins Local Planning Commission

Invesco Cuts Fees, Adds Incentives To Quell Fund Redemption Requests

Investors Anchor Big Capital Into Marinas, Betting On Shallow Supply

Developers Eyeing Dallas' 50-Mile Trails Loop For Uptown-Like Opportunities

NYC Office Investor Warns It Could Go Under As Defaults Pile Up

Pinewood Studios Pays Owners £100M Dividend And Completes £300M Refinancing

Large Commercial Real Estate Sales Up 30% Despite Economic Headwinds

Evergrande Founder Sentenced To Life, 56 Others Sent To Prison In China

Coconut Grove Office Flipped For $15M Gain After One Year

Chetrit Group 'Being Dissolved' As Family Turmoil Spirals

Oxford Properties Pays $435M For Boston Office Tower, Eyes More Deals

Century 21 Retail Redevelopment Advances With New Financing, Leases: The N.Y. Deal Sheet