Savanna Buys Iconic 34-Story New York City Office Tower
Located on Sixth Avenue between West 40th and West 41st streets, 5 Bryant Park sits directly on iconic Bryant Park. The 34-story, 683,000-square-foot tower includes 38,306 square feet of retail space and has undergone $107 million in renovations since 2007. The building is currently 97 percent leased.
"Having worked closely with Savanna on numerous deals over the years, together we quickly identified the key aspects of this financing that were critical to Savanna executing their business plan and ensuring their vision for the future of the property," said JLL Managing Director Kellogg Gaines. "Through an extensive selection process, we received tremendous interest from various types of lenders given 5 Bryant Park's iconic location and the strength of the sponsor."
"The JLL team was intimately involved throughout the transaction and we are thrilled with the result that Kelly and Aaron have delivered for Savanna and our investors," said Cooper Kramer, Managing Director with Savanna. "All parties involved in the financing were focused on achieving a structure that allows Savanna flexibility to follow the positive momentum in the Bryant Park market."
"With in-place rents well below market, Savanna is poised to create significant value at 5 Bryant Park by rolling expiring leases to market," said JLL Executive Vice President Aaron Niedermayer. "Ultimately, we secured a loan that enables Savanna to unlock the full value of the asset through extremely aggressive pricing, term, structure and prepayment flexibility."
"5 Bryant Park was an exceptionally rare opportunity for a buyer to gain a footing in a high barrier-to-entry submarket," said JLL Executive Managing Director Peter Nicoletti. "This was a complicated transaction given the asset's size and profile, but we were able to help our client navigate the process and select a qualified buyer from a large field of interested parties."
"The asset provided an ideal mix of contractual cash flow plus medium-term capital appreciation in one of the most resilient submarkets in New York," added Managing Director Anthony Ledesma. "Our marketing process emphasized phenomenal recent leasing velocity, attractive risk-adjusted returns and opportunities to enhance future value through accretive capital improvements."
Supply Chain Bottlenecks Creating New “Logistical Hotspots”
2020 Top States for Doing Business Showcase Their Pro-Business Environments
2021 Gold & Silver Shovel Awards Recognize State and Local Economic Development Efforts
35th Annual Corporate Survey: Effects of Global Pandemic Reflected in Executives’ Site and Facility Plans
Latest Trends in the Industrial Real Estate Sector Here to Stay
Auto Industry Is Betting on Sustainability
2021 Auto/Aero Site Guide