Savanna acquired the distressed office building at 799 Broadway in Greenwich Village for $255 m in an all-cash deal, below the $270 m debt owed. The 12-story, 178,000-square-foot Class A property, 71% leased with tenants like Bain Capital Ventures, was sold by Columbia Property Trust and Cannon Hill Capital Partners. Despite its recent construction, leasing challenges led to financial difficulties. Blackstone Mortgage Trust, which previously refinanced the building, facilitated the sale.
Savanna
