Lease Beat

Revenue Watch Institute Signs Lease at 80 Broad Street

80 Broad Street.

Revenue Watch Institute, a non-profit policy and grantmaking organization, has signed a seven-year lease for a 7,255-square-foot portion of the 18th floor at Savanna’s 80 Broad Street, Commercial Observer has learned. Asking rent for the space was in the high-$30s per square foot.

The nonprofit, which was represented in the transaction by Andrew Stein of Vicus Partners, will relocate its New York headquarters from the seventh floor of 1700 Broadway in approximately three months. Read More

Lease Beat

Photo App Startup Signs 100 Wall Street Lease

100 Wall Street.

Pixable, the developer of a mobile photo application of the same name, has signed a five-year lease for a 6,836-square-foot portion of the 18th floor of Savanna’s 100 Wall Street, Commercial Observer has learned.

The company’s product aggregates photos from various social networks and sorts them into feeds. Founded in 2009, Pixable was acquired by SingTel in 2012 for $26.5 million, according to CrunchBase, and is currently headquartered at 137 Varick Street. Read More

Mortgage Observer

Pembrook Originates $22M Bridge Loan for Savanna’s DoBro Buy

Stuart Boesky

New York-based debt and equity provider Pembrook Capital Management closed a $21.8 million bridge loan to New York-based real estate investor Savanna, Mortgage Observer has learned. Savanna will acquire a development site at 141 Willoughby Street in Downtown Brooklyn with the funds, said Pembrook founder Stuart Boesky.

The three-year loan has a floating rate; Pembrook declined to provide the exact rate. City records show Savanna paid $28 million to acquire the property, at Gold Street, from prior owner the Institute of Design and Construction. Read More

Lease Beat

Savanna Signs Another New Tenant at 80 Broad Street

80 Broad Street

Indus Architect has signed a seven-year lease for a 2,240-square-foot portion of the 16th floor at Savanna’s 80 Broad Street, Commercial Observer has learned.

The tenant will relocate to the Financial District from the 12th floor of 225 West 39th Street immediately. Asking rent at 80 Broad Street ranges from $36 to $42 per square foot. Read More

Sales Beat

Savanna Pays $60M for Retail Space at 10 Madison Square West

10-madison-square-west

Private equity and asset management firm Savanna has purchased the 20,676 square foot retail condominium at 10 Madison Square West (1107 Broadway) from The Witkoff Group and Morgan Stanley Real Estate Investing for $60 million.

The Witkoff/Morgan Stanley team is currently redeveloping the 16-story building into a 23-story, 125-unit luxury condominium. The retail space will consist of roughly 12,000 square feet of prime corner ground floor space and an additional basement space.  

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Lease Beat

Another Tech Support Firm Signs at 100 Wall Street

100

Apex Systems, Inc. has signed a new seven-year, 4,318-square-foot lease at Savanna’s 100 Wall Street, Commercial Observer has learned.

The company, a leading provider of information tech staffing, follows a string of tech/creative tenants that have filled roughly 50,000 square feet in the Downtown building over the last 15 months.

Savanna’s Downtown portfolio, which consists Read More

Lease Beat

Spain-U.S. Chamber of Commerce Takes Space at 80 Broad Street

80 Broad Street

The Spain-U.S. Chamber of Commerce, a private nonprofit, has signed a 10-year, 3,540-square-foot lease for a portion of the 21st floor at Savanna’s 80 Broad Street.

Founded in 1959, The Spain-U.S. Chamber of Commerce was established with a mission to foster economic ties between Spain and the United States, namely promoting the expansion of bilateral trade and investment between the two countries. The organization, which is currently headquartered at the Empire State Building, signed its lease last week and is expected to take possession of its new space on April 1. Read More

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.  

Read More

Commercial Breaks

Savanna Closes 580K SF of Leasing in 2013

31 Penn Plaza

Real estate private equity firm Savanna closed over 580,000 square feet of leasing in its portfolio across 59 deals in 2013, The Commercial Observer has learned.

“The significant number of lease renewals, expansions and new leases is evidence of the brokerage and corporate communities’ confidence in Savanna properties,” said Nicholas Bienstock, managing partner at Savanna, in a prepared statement. “We thank the brokerage community for their continued support in these transactions and look forward to working together again in 2014.” Read More

Lease Beat

Smartling Signs Lease at Savanna’s 1375 Broadway

Courtesy of Savanna

Smartling, Inc. has signed a new lease for the entire 22,204-square-foot 14th floor at Savanna‘s 1375 BroadwayThe Commercial Observer  has learned. 

The lease rounds out an active year of leasing at the 508,000-square-foot Midtown property, where Savanna has leased all of the available full-floor vacancies–close to 90,000 square feet–in the past six months. The landlord, a real estate private equity firm, completed a capital improvement plan at 1375 Broadway in 2012, including a fully renovated lobby and restored façade. 

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Lease Beat

Limelight Networks Signs Lease at Savanna’s 100 Wall Street

100 Wall Street.

Limelight Networks has signed an eight-year, 4,071-square-foot lease for a portion of the fifth floor at Savanna’s 100 Wall Street, The Commercial Observer has learned.

The new lease follows on the heels of an announcement in October that El Al Airlines, the national airline of Israel, had signed a 10-year, 14,918-square-foot lease on the fourth floor at Lower Manhattan property.

Read More