Savanna, the New York-based real estate private equity and asset management firm, and its joint venture partner Hornig Capital Partners, have launched marketing for 95 Evergreen Avenue.
The five-story, 160,000 s/f former Schlitz Brewery in Bushwick, is being converted to office and retail.
The JV partnership has engaged Mitchell Arkin and Joseph Cirone of Cushman & Wakefield to lease the office space and Andrew Clemens of Ripco Real Estate to lease the retail.
Savanna and HCP are currently implementing a large-scale, $30 million capital improvement program to renovate the façade, windows, roof, generator, elevators, electric and plumbing systems, fire alarms, sprinklers, and HVAC systems.
The JV partnership is working with Fogarty Finger. Chris Fogarty and Harshad Pillai are leading the design efforts.
The new design of 95 Evergreen Avenue will maintain the integrity and history of the 65-year-old building while also contemporizing the space.
Initially built for Schlitz brewing operations, the building’s original qualities, including 15 to 30 foot ceilings and floor plates of up to 37,500 s/f, will be repurposed by Savanna and HCP as the property is transformed into a high-end creative office and retail space. New features include a roof deck with skyline views and a custom light fixture in the lobby fabricated with 10,000 Schlitz bottles, as a tribute to the building’s history.
“95 Evergreen’s historic structure, with wide column free areas and soaring ceiling heights – now redesigned by Fogarty Finger – will offer something completely unique in the Brooklyn marketplace,” said Tom Farrell, managing director at Savanna.
“95 Evergreen is an attractive option for companies that want to establish or expand their presence in Bushwick, one of the most exciting areas of Brooklyn – especially creative, media, and technology firms.”
Savanna and HCP anticipate that the renovation will be completed in the second quarter of 2016.
