REBusinessOnline

SAVANNA PURCHASES 1375 BROADWAY FOR $135 MILLION

NEW YORK CITY — New York City-based Savanna has acquired 1375 Broadway, a 513,401-square-foot office tower located in Manhattan, for $135 million. The private equity firm simultaneously purchased the fee ownership from Chedward Realty Corp. and the long-term net lease from Statecourt Enterprises, then collapsed the positions into a fee simple ownership following the closing. A $102 million mortgage was provided by Morgan Stanley. Savannah plans to launch a major capital improvements program in the near term.

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