CIM Group Pays $104 M. for 5 Hanover Square
Al Barbarino Aug. 23, 2013, 11:17 a.m.
An affiliate of Los Angeles-based CIM Group has purchased 5 Hanover Square from Savanna’s The Savanna Fund II REIT for $104 million.
The 25-story, 330,000-square-foot building, located on the northern side of Hanover Square, between Pearl and Beaver Streets in Manhattan’s Financial District, also contains roughly 7,500 square feet of retail on the ground floor.
The companies have done business before. In June, Savanna sold 2 Rector Street to CIM Group and Kushner Companies. That property, a full block in Lower Manhattan that includes a 26-story office property and 466,000 square feet of rentable space, was sold for $140 million, city records show.
Earlier this year CIM Group also purchased the retail portion of 225 Fifth Avenue in the Flatiron District for more than $78 million.
The firm’s other New York City holdings include the 200 Lafayette Street, 72 Sullivan Street, the Trump SoHo, 305 East 51st Street and 432 Park Avenue.
The real estate practice group of Hunton & Williams LLP, which announced the closing yesterday, advised Savanna in the sale of 5 Hanover.