Savanna announced the sale of 2 Rector Street to CIM Group and Kushner Companies. The sale price was $140 million, according to the New York Post.
The property is a 466,000 s/f, 26-story office building adjacent to the World Trade Center development, with frontage occupying the full block on Rector Street between Greenwich Street and Trinity Place.
“We are pleased to realize this successful investment for our partners,” said Andrew Fichte, vice president at Savanna.
Laurie Grasso from Hunton & Williams represented Savanna while Jones Lang LaSalle’s Ron Cohen, Richard Baxter, Scott Latham and Jon Caplan represented Stellar Management, ownership partners. The buyers were represented by CIA Group’s Ray Cecora.
Savanna initially acquired part of 2 Rector Street’s first mortgage from a bank fortifying its balance sheet at the end of 2007.
After the property lost its largest tenant in 2009, Savanna originated a mezzanine loan to fund the re-tenanting of a large block of vacant space. In 2012, Savanna acquired majority interest and control through a partnership with Stellar Management.
