Todd Korren Joins EVO as Principal and COO

Todd Korren.

Todd Korren has joined EVO Real Estate Group as a principal and chief operating officer, Commercial Observer has learned.

Mr. Korren comes from Massey Knakal Realty Services (which has since been purchased by Cushman & Wakefield), where he served as executive managing director. In this capacity, Mr. Korren oversaw the day-to-day operations of the 57-person sales team and the tri-state area’s retail leasing division. Before working at Massey Knakal, he was a principal and director of leasing at Savanna. Read More

Lease Beat

Smarsh Moves To Savanna’s 110 William Street

110 William Street.

Smarsh, Inc., the Portland, Ore.-based tech company that delivers cloud-based archiving solutions for information-driven enterprises, is moving to 110 William Street.

According to a spokeswoman for Savanna, the New York-based real estate private equity and asset management firm that owns the property, Smarsh will occupy roughly 4,475 square feet on the 18th floor of the property. The company signed a seven year lease. Read More

Sales Beat

Hornig, Savanna Close on $31M Bronx Building, Rebrand It ‘Bruckner Building’

2415 Third Avenue (Photo: Alex Bitar).

Hornig Capital Partners and Savanna have closed on the $31 million purchase of a South Bronx commercial loft building from Madhatters Realty, Commercial Observer has learned. The buyers will launch a $12 million capital improvement plan and rebrand the property, which is located across the Third Avenue Bridge from Bruckner Boulevard, as The Bruckner Building.

The eight-story, 172,000-square-foot building is at 2417 Third Avenue and sits at at the corner of Third Avenue and East 134th Street in the Mott Haven section of the borough. Read More

Sales Beat

Savanna Sells 576 Fifth Avenue to Real Estate Equities

576 Fifth Avenue.

Real estate private equity and asset management firm Savanna has sold its leasehold on its 72,000-square-foot office building at 576 Fifth Avenue to Michael Miller, Brandon Miller and Mark Seigel of Real Estate Equities Corp, Commercial Observer has learned.

The property, which was sold for an undisclosed amount, sits on the corner of Fifth Avenue and East 47th Street in Midtown’s Diamond District. Today, there is a jewelry exchange on the ground floor and office space on the upper floors of the 11-story building, constructed in 1907. Read More

Sales Beat

Savanna Acquires Meatpacking Retail Property

461West 14th Street.

Savanna has purchased a newly built, 24,682-square-foot corner retail property in the Meatpacking District underneath the High Line, Commercial Observer has learned.

The real estate private equity and asset management firm acquired 461 West 14th Street from Michael Miller and son Brandon Miller‘s Real Estate Equities and Alfieri Development, the lender and project construction manager, Savanna announced. Savanna declined to indicate the price, but a May 2014 article in The Real Deal said that Savanna made an offer of $85 million for the site on May 12. Read More

Sales Beat

Hornig, Savanna Buy Original Schlitz Brewery for $33.7M [Update]

95 Evergreen Avenue.

Daren Hornig‘s Hornig Capital Partners, Savanna and Chelsea Village Associates have purchased a 170,000-square-foot warehouse building at 95 Evergreen Avenue in Bushwick for $33.7 million, Commercial Observer has learned. The sale of what was originally constructed as the historic Schlitz Brewery closed today.

According to Lee Silpe, the senior analyst and chief operating officer of Berko & Associates, the massive building on the corner of Evergreen Avenue and George Street was sold by a group of investors under the name 95 Evergreen Associates and led by Moshe Gottesman. Mr. Silpe represented the seller. Joe Berko of Berko & Associates represented the buyer. Read More

The Sit-Down

Savanna’s Chris Schlank on Making Class B Buildings a Thing of Beauty

Savanna founder and managing partner Chris Schlank. (Adam Jones/for Commercial Observer)

In a city where Class A properties consistently make headlines, Chris Schlank, a founder and managing partner of Savanna, has an eye for less-conspicuous Class B buildings. Throughout his career, Mr. Schlank has led the acquisition and redevelopment of more than 65 real estate assets totaling more than 19 million square feet, primarily within the five boroughs.

Just last week, Mr. Schlank’s firm, in conjunction with the Feil Organization, sold the 378,547-square-foot 21 Penn Plaza on southeast corner of West 31st Street and Ninth Avenue to TIAA-CREF. Mr. Schlank sat down with Commercial Observer to talk about this sale, his favorite job and the future of office buildings in Midtown East in a city that seems to be shifting westward. Read More

Sales Beat

Savanna and Feil Sell 21 Penn to TIAA-CREF

21 Penn Plaza

Financial services company TIAA-CREF has purchased the 16-story, 378,547-square-foot 21 Penn Plaza building from Savanna and the Feil OrganizationCommercial Observer has learned.

While representatives for both sides of the deal declined to state the purchase price of the renovated Class B building that sits one block west of Penn Station, the owners placed the property on the market this summer with an asking price of about $250 million, Crain’s New York Business reported. Savanna and Feil inked 225,000 square feet of leases and implemented $5 million in building upgrades to deliver the property to TIAA-CREF with 98 percent occupancy, said Robert Knakal of Massey Knakal Realty Services. Read More

Lease Beat

Healthcare Consulting Firm Picks Up New Wall Street Space

100 Wall Street.

Global healthcare issues strategy consulting firm CBPartners has rented 5,685 square feet on a portion of the second floor at 100 Wall Street, Commercial Observer has learned.

The firm, whose clients include biopharmaceutical companies, medical device companies and government health authorities, signed a seven-year new lease yesterday and plans to move in on Dec. 1, according to a spokeswoman for the building owner, Savanna. Read More

Lease Beat

Insurance Information Institute Relocates in FiDi

110 William Street.

Insurance Information Institute signed a new 7,900-square-foot lease at 110 William Street, a building owned by Savanna and KBS Strategic Opportunity REIT, Commercial Observer has learned.

The tenant, whose mission for 50 years has been to improve the public’s understanding of insurance, signed a 10-year deal in the 32-story building, Savanna announced. The asking rent was in the mid-$40s, according to a spokesman for Savanna. Insurance Information Institute will be relocating to floor 18 from 24 in December. Read More

Law and Order

Gallery Files $10M Wrongful Eviction Suit at Savanna, Manhattes Development Site

540 West 26th Street.

Lehmann Maupin Gallery is suing the landlord of 540 West 26th Street for illegal eviction, and is seeking compensatory damages in excess of $10 million, plus a sum for punitive damages, according to court documents.

That is a site where Savanna, The Manhattes Group and the Silvermintz family are looking to tear down a two-story building, which is home to the gallery, and an adjacent lot and erect a large commercial and office project with community facility space, as New York Observer previously reported.  Read More

Lease Beat

Media Tech Company Expands in Soho Building

434 Broadway.

In a 10-year deal signed last month, Technicolor is expanding its Soho space by 7,230 square feet, Commercial Observer has learned.

Combined, Technicolor, a worldwide technology leader in the media and entertainment sector, will occupy 21,716 contiguous square feet on the seventh through ninth floors at Savanna‘s 434 Broadway, on the northeast corner of Howard Street and Broadway. The property is a nine-story, mixed-use office and retail building consisting of 63,600 square feet, including 4,800 square feet of ground-floor retail and 58,000 square feet of office space.  Read More

Lease Beat

SQN Capital Signs Lease at 100 Wall Street

100 Wall Street.

Alternative fund manager SQN Capital Management has signed a 10-year lease for a 7,293-square-foot portion of the 28th floor of Savanna’s 100 Wall Street, Commercial Observer has learned.

Asking rent for the space was $49 per square foot. The tenant will relocate from its current headquarters at 110 William Street. Read More