Broad Street Development in Contract to Buy Savanna’s 80 Broad Street
Gus Delaporte July 1, 2014, 11:15 a.m.
Broad Street Development is in contract to buy 80 Broad Street from Savanna for $175 million, The New York Post reported.
Real estate private equity firm Savanna acquired 80 Broad Street after taking control of the property’s senior mortgage at a 12 percent discount on its $75 million value, according to the Post. The building had previously been owned by Swig Equities, which paid $70 million for the property in 2004.
Under Savanna’s stewardship, the building was the recipient of a façade renovation and elevator modernization, among other upgrades. Asking rent for office space at 80 Broad Street ranged from $37 to $43 per square foot as of January, when the building was at 84 percent occupancy. Presently, the building is 89 percent occupied, the Post reported.
The new owners of 80 Broad Street hope to attract tech tenants moving beyond the incubator stage to the building, Raymond Chalme, the chief executive officer of Broad Street Development, told the Post.