New York private equity firm Savanna will purchase a century-old office building in the heart of Midtown.
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The Berkeley Building is a 300K SF high-rise that sits between Fifth and Sixth avenues and stretches from 44th Street to 45th Street, with listed addresses at 19 West 44th, 19-25 West 44th and 18-22 West 45th. Savanna is under contract to acquire it for $192M from German investment firm Deka Immobilien, The Real Deal reports.
It is the third time the Berkeley Building has changed hands in the last 12 years, as Deka purchased it from SL Green Realty Corp. in 2010 for $123M after SL Green acquired it in 2005 for $91M. Deka enlisted Colliers International to market the building in June.
The 1917 building is 86% leased by a roster that includes public relations firm Kaplow, FSS Staffing Solutions and diamond manufacturer Lazare Kaplan. After Deka purchased the building, it renovated the lobby and added 16 office suites. Savanna will add the property to its growing portfolio that includes 31 West 27th St., which it closed on in the last week of July.
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