Savanna announced that, in a joint venture with Hornig Capital Partners and Chelsea Village Associates, it has acquired 95 Evergreen Avenue in, Bushwick.
Joe Berko and Lee Silpe of Berko & Associates represented the seller in the transaction.
95 Evergreen Avenue is a five-story, 165,000 s/f industrial building on the southeastern corner of Evergreen and George Street.
Originally constructed as the Schlitz Brewery, the building features 15,500 to 36,600 s/f floor plates, 15 to 30 ft. ceilings and large windows with views of Manhattan.
Savanna and HCP will launch a $20 million building-wide capital improvement program in the first quarter of 2015 to transform 95 Evergreen Avenue into an office and retail location.
Savanna and HCP will upgrade the property’s façade, windows, roof, generator, elevators, electric and plumbing systems, fire alarms, sprinklers, and HVAC systems. The new space will cater to the creative, media and technology tenants who are interested in establishing a presence in emerging Bushwick.
“We are looking forward to bringing an exciting new home to the companies who want to come to Bushwick,” said Christopher Schlank, managing partner of Savanna. “Savanna and HCP will combine 95 Evergreen Avenue’s most compelling industrial qualities with a brand new infrastructure, appealing to the creative class of tenants that continue to demand space in this neighborhood.”
Mitchell Arkin and Joseph Cirone of Cushman & Wakefield will lead office leasing for 95 Evergreen. Andrew Clemens of Ripco Real Estate will handle retail.