Savanna Acquires Manhattan Office Building From @blackstone For $640M
FINANCED
$640,000,000
New York
See Similar DealsOffice6,829,880 SF
Financed 05/23/2018
FINANCED
Savanna Acquires Manhattan Office Building From @blackstone For $640M
5 Bryant Park, 1065 6th Ave, New York, NY 10018, USA
See Similar DealsOffice6,829,880 SF
Financed 05/23/2018
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$93
Total Square Footage:6,829,880 SF
Transaction Type:Loan
5 Bryant Park, also known as 1065 Avenue, located in Manhattan's market, was recently sold in a closed transaction. The office building spans 682,988 square feet and was sold for a price of $640,000,000, with a loan amount of $463,000,000. The price per square foot was approximately $937. The seller of this property was Blackstone, while the buyer was Savanna. Deutsche Bank provided the loan for this transaction.
Summary of transaction details
- Property Type: Office Building
- Transaction Amount: $640,000,000
- Loan Amount: $463,000,000
- Square Footage: 682,988 sf
- Price per Square Foot: $937
- Seller: Blackstone (@blackstone)
- Buyer: Savanna
- Lender: Deutsche Bank (@deutschebank)
The key individuals involved in this deal include Jonathan Gray, Stephen A. Schwarzman, Chris Schlank, and Nicholas Bienstock.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$640,000,000.00
Monthly NOI$4,266,666.67
Monthly Debt Service$4,045,235.35
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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