NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has closed on its purchase of 2 Rector St. The property is a 464,000-square-foot, 26-story office building in Lower Manhattan, adjacent to the World Trade Center development. Savanna worked in partnership with Stellar Management to buy out Stellar's partners, including Lehman Brothers, to secure a controlling interest in the property. Savanna first became involved in the property in 2007, when it acquired part of the building's first mortgage for a reported $100 million. In 2010, Savanna recapitalized the property by providing a mezzanine loan. Stellar continues to own a minority interest in the property and will stay on as the property manager. Savanna is planning a mulit-million dollar capital improvement program to upgrade the building's lobby, elevators and building systems.
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