Sales Beat

CIM Group Pays $104 M. for 5 Hanover Square


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. Read More

Sales Beat

Savanna Pays $75.8M for Adjacent Chelsea Loft Buildings

249 West 17th Street -- the former Siegel-Cooper warehouse

New York-based real estate private equity and asset management firm Savanna has closed on its acquisition of two adjacent loft-style office buildings at 245 West 17th Street and 249 West 17th Street in Chelsea for $75.8 million, city records show.

Originally a dry goods warehouse and wagon house for the Siegel-Cooper Company department store, the property at 249 West 17th Street is a 145,000-square-foot, six-story building.  The other property, equal in square footage, is 12 stories high.

The two properties have a combined 40,000 square feet of office space and are located within a couple blocks of Chelsea Market, the Meatpacking District and Google’s 111 Eighth Avenue. Read More

Sales Beat

Savanna Takes Control at 2 Rector Street

2 Rector Street.

After several years of being affiliated with the building, real estate private equity firm Savanna has acquired a controlling interest in 2 Rector Street, The Commercial Observer has learned exclusively.

Savanna acquired a portion of the first mortgage at a discount in 2007 and then in 2010 provided a mezzanine loan and worked with owner Stellar Management to recap the building. Read More

Lease Beat

Charles Cammack Associates Renews at 2 Rector Street

Courtesy of Stellar Management

Charles W. Cammack Associates has renewed its lease in the Financial District.

The employee benefits and online information management, retirement plan, and financial planning advisory firm will maintain their 19,500 square foot space that spans the entire 23rd floor of 2 Rector Street.

Gabe Marans and Greg Toubin of Studley helped secure the renewal for Read More

Lease Beat

25K-Foot Lease in Stellar’s 2 Rector


Ithaka, a nonprofit in new technologies in the academic field, has signed a large 25,462-square-foot lease at 2 Rector Street in Lower Manhattan, The Commercial Observer has learned. The value of the transaction, which will allow the non-profit to relocate from its current digs in midtown, commanded approximately $37 per square foot, brokers said. Read More