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New York Office

100 Wall St Breaks PPSF Record with $275M Sale

Savanna’s selling 100 Wall St to Cornerstone Real Estate Advisors for $275M, which breaks a PPSF record for any Financial District building east of Broadway. The sale price of the 520k SF, Class-A office building works out to $528/SF. Sources tell the New York Post the sale will close later this summer. Eastdil Secured’s Douglas Harmon and Adam Spies were retained by Savanna to handle the sale. Savanna picked the building up from Lehman Brothers in 2011 for about $120M, and has since sunk about $26M into improvements. The tenant roll’s looking healthy, with 97% occupancy thanks to five new leases adding up to 40k SF secured by JLL’s Mitchell Konsker, Scott Cahaly and Kyle Young. [NYP]

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