Savanna Sells 1375 Broadway in New York City To Westbrook For $310 Million

NEW YORK — Savanna, a New York-based real estate private equity and asset management firm, has sold 1375 Broadway to Westbrook Partners for $310 million. A 510,000-square-foot office building, 1375 Broadway is located on the northwest corner of 37th Street and Broadway.

Savanna acquired the property in December 2010 and completed an extensive repositioning that included a redesign of the lobby and entrance and a renovation of the façade, roof and retail storefronts. Savanna leased over 190,000 square feet during its ownership. Average rents increased from $22 per square foot at acquisition to around $60 per square foot today.

Marty Meyer, Eric Meyer and Michael Thomas of Colliers International represented Savanna in office leasing transactions, and Steve Baker of Winick Realty represented Savanna in retail leasing.

“Savanna has transformed 1375 Broadway into a standout office property in the Broadway corridor through our intensive repositioning along with the Colliers and Winick leasing teams’ hard work, which has paid off with a great roster of new office and retail tenants,” says Cooper Kramer, managing director at Savanna. “These tenants represent major growth industries in New York including technology, beauty and fashion. Westbrook is acquiring a high-quality asset in a great location.”

Tenants at 1375 Broadway include TD Bank, Smartling Inc., Tarte Cosmetics and The Meltwater Group.

Adam Spies, Douglas Harmon, Joshua King and Adam Doneger of Eastdil Secured, along with Woody Heller, Will Silverman and Eric Negrin of Savills Studley, advised Savanna. Spies, Harmon, King and Doneger of Eastdil Secured also represented Westbrook in the transaction.

Westbrook Partners is a privately owned real estate investment management company with offices in New York, Boston, Washington D.C., Palm Beach, Fla., San Francisco, Los Angeles and in international markets.

— Haisten Willis