Savanna announced the sale of 1375 Broadway to Westbrook Partners for $310 million.
The company bought the 510,000 s/f office building for what was considered a $135 million bargain in December 2010.
The company then completed a major re-positioning and leased over 190,000 s/f at rents in the low $60’s per square foot.
The leasing team of Marty Meyer, Eric Meyer and Michael Thomas of Colliers International represented Savanna in office leasing transactions, and Steve Baker of Winick Realty represented Savanna on the retail leasing.
“Savanna has transformed 1375 Broadway into a standout office property in the Broadway corridor through our intensive repositioning along with the Colliers and Winick leasing teams’ hard work, which has paid off with a great roster of new office and retail tenants,” said Cooper Kramer, managing director at Savanna.
“These tenants represent major growth industries in New York including technology, beauty and fashion. Westbrook is acquiring a high-quality asset in a great location.”
Tenants at 1375 Broadway include TD Bank, who leased the corner retail space, Smartling, Inc., a tech firm, tarte cosmetics, and The Meltwater Group, a leading provider of digital intelligence and marketing solutions.
This month, Forest Electric, a subsidiary of EMCOR Group, leased 22,205 s/f. Ted Rotante of Colliers International represented the tenant in the transaction.
Savanna was advised in its sale by Adam Spies, Douglas Harmon, Joshua King and Adam Doneger of Eastdil Secured, as well as Woody Heller, Will Silverman and Eric Negrin of Savills Studley.
Spies, Harmon, King and Doneger of Eastdil Secured also represented Westbrook in the transaction.