SAVANNA ACQUIRES 417,000 SF OFFICE BUILDING IN MANHATTAN

NEW YORK CITY — New York City-based Savanna, an institutional real estate private equity and asset management firm, has acquired the 417,000-square-foot 80 Broad Street, a 36-story office building in Manhattan's Financial District. Savanna has received a $65.3 million loan from Mesa West Capital to recapitalize the building. Savanna will cease leasing the property until after capital improvements finish, with plans to reintroduce the building in the first quarter of 2012. Jonathan Estreich and Christopher Barnett of Estreich & Co., Inc. represented Savanna in the financing. The building was built in 1930 and designed by Sloan & Robertson. Swig Equities is planning the redevelopment, and Hal Stein, Adam Leshowitz and Todd Stracci of Newmark Knight Frank will handle the leasing.