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Acquisitions

Savanna acquires 5 Bryant Park

Deutsche Bank provided the debt

5 Bryant Park (Credit: Blackstone)

Savanna closed on its acquisition of 5 Bryant Park (AKA 1065 Sixth Avenue) from Blackstone for $640 million. The 34-story office tower spans 682,988 square feet.

Acquisition Financing: Savanna secured a $463 million loan from Deutsche Bank to close the deal, according to the CO.

Be Smart: Savanna plans to modernize the building. They intend to redesign the lobby and also renovate bathrooms, corridors, terraces and windows.

Worth Noting: Blackstone has been shopping this deal since 2016 and wanted closer to $700 million. At $640 million, the price translates to $937 per square foot. Job well done!

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