New York Life Real Estate Investors provided $137.5 million to finance the purchase of 100 Wall Street by Cornerstone Real Estate Advisers.
Savanna just announced the closing of the record $275 million sale of the 29-story, 520,000 s/f Class A glass and steel office tower it acquired in May 2011.
The company completed $25 million of capital improvements during its ownership period, including a successful pre-built program and future resiliency improvements following Hurricane Sandy in 2012.
“We are proud of the transformational change we achieved at 100 Wall Street,” said Kevin Hoo, managing director at Savanna. “The incremental capital investment has significantly added to the property’s future resiliency and repositioned it as a premier destination for a wide range of global, institutional quality tenants.”
In the past two years, Savanna leased over 355,000 s/f of space to several prominent businesses, raising the building’s occupancy from 78 percent shortly after acquisition to 97 percent today. The leasing team of Mitchell Konsker, Scott Cahaly and Kyle Young of Jones Lang LaSalle represented Savanna in office leasing transactions.
Savanna was represented in the sale of the building to Cornerstone by Douglas Harmon, Adam Spies, Joshua King and Adam Doneger of Eastdil Secured. Carl Schwartz, Laurie Grasso, Susan Saslow, Larissa Kravanja and Ian Group of Hunton & Williams LLP served as legal counsel, with assistance from Barbara Lau.
Tenants at 100 Wall Street include Lester Schwab Katz and Dwyer, a litigation law firm who leased the entire twenty-sixth and twenty-seventh floors, Loeb Holding Corporation, a privately held investment and merchant banking firm, Crenshaw Associates, an executive talent firm, and PCubed, a global management consulting firm.
“Lower Manhattan has experienced a tremendous amount of growth over the past few years and is entering an exciting phase of its renaissance,” said Hoo. “100 Wall Street will be a direct beneficiary of this growth and we are pleased to have transacted with Cornerstone, a world class real estate owner.”
Eric Becher, senior director at New York Life Real Estate Investors, noted the Cornerstone loan represented a continuation of a long term relationship with the institutional real estate investment adviser.”
“We are very pleased to provide acquisition financing to Cornerstone Real Estate Advisers, acting on behalf of a Cornerstone-managed fund, for this outstanding asset located in the Financial District. The newly renovated office tower is well leased to a diverse cross section of the Financial District’s financial, legal and technology, advertising, media and information (TAMI) industries,” added Becher.