Savanna Closes Fourth Fund, Completes more than 2.5M SF of Acquisitions in 2014

by Amy Works

NEW YORK CITY — Savanna closed its fourth fund with more than $440 million in commitments and added five New York City properties, totaling more than 2.5 million square feet, to its portfolio in 2014. Savanna Real Estate Fund III L.P. held its final closing in the fall with commitments from a wide variety of institutional investors, including insurance companies, sovereign wealth funds, public and private pension funds, foundations, fund of funds and wealth management companies. The firm’s 2014 acquisitions in New York City include One Court Square, a 1.5 million-square-foot office tower in Long Island City; 540 West 26th Street, a development site in Chelsea; 110 William Street, a 930,000-square-foot office building in the Financial District; 10 Madison Square Park, a retail condo in the Flatiron District; and 141 Willoughby Street, a development site in downtown Brooklyn. So far in 2015, Savanna has acquired the former Schlitz Brewery in Bushwick and 461 West 14th Street, a newly built retail property in the Meatpacking District. Additionally, the firm plans to close on the purchase of a 175,000-square-foot property in the Bronx within the next month.

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