The Sit-Down

Kevin Hoo’s Tweet Victory

Kevin Hoo

Kevin Hoo’s prior experience with UBS AG and later Tishman Speyer allowed him to slip seamlessly into a role as a vice president at Savanna in 2011, where as an asset manager he handles everything from financing acquisitions to choosing building finishes, leasing them up and handling day-to-day operations. “We run a fairly lean team here,” he said. “My role has been to play the jack of all trades.” At Tishman Speyer, Mr. Hoo’s acquisition, development, design and construction roles saw him focusing on properties as iconic as Rockefeller Center and the MetLife Building, but as he tells it, Savanna’s recent repositioning of 245 and 249 West 17th Street, now home to Twitter’s New York City headquarters, is the most exciting endeavor he has been a part of. Read More

Lease Beat

Twitter Inks Deal for New York City Headquarters

twitter-icon

Twitter has leased 141,000 square feet of space for its New York City headquarters at Savanna’s 245 and 249 West 17th Street in Chelsea.

Landing the major tenant is a big payoff for Savanna, which purchased the properties in November 2012 for a reported $76 million and re-launched them in November 2013 following a $21 million overhaul.  

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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

Lease Beat

1385 Broadway Proves Magnet for Chelsea, Soho Companies

1385 Broadway.

In what has become a familiar story lately, Bloomingdale Properties’ 1385 Broadway—a 435,000 square foot office property in what has until recently been best known as the Garment District—has grabbed a non-apparel tenant away from Soho.

Amorepacific, a luxury makeup and skincare line, has signed a ten-year lease for part of the tenth floor in the building and will move from space further downtown on Spring Street. The company was represented in the 6,200-square-foot lease by Ed Wartels from Cresa New York. Diana Gaines and David Malawer from Cushman & Wakefield represented the landlord. Read More