Savanna in Talks to Acquire 1 Court Square
Gus Delaporte Sept. 6, 2013, 4 p.m.
Real estate private equity firm Savanna is in talks to acquire 1 Court Square in Long Island City, Crain’s New York reported.
The 52-story tower, largely occupied by Citibank, last traded in 2011 when David Werner and Waterbridge Capital acquired it for nearly $500 million. The 1.4 million-square-foot office property is likely worth more than that price in the current market.
The largest office building outside of Manhattan, 1 Court Square previously changed hands in 2005 when Reckson acquired the property for $470 million. The 1.4 million-square-foot tower was later transferred to SL Green when the real estate investment trust bought Reckson in 2006.
As reported by The Commercial Observer, Savanna boosted its coffers late last month with the sale of 5 Hanover Square to an affiliate of CIM Group for $104 million.
A spokesperson for Savanna declined to comment.