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Savanna Acquires 799 Broadway Office Building In Greenwich Village For $255M From Columbia Property Trust, Cannon Hill Partners & Blackstone

Property Image
SOLD
$255,000,000
Will Silverman
Gary Phillips

New York

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Office177,431 SF
Sold 11/19/2024
the dealplayerscompscontact
Property Image
SOLD

Savanna Acquires 799 Broadway Office Building In Greenwich Village For $255M From Columbia Property Trust, Cannon Hill Partners & Blackstone

799 Broadway

See Similar Deals
Office177,431 SF
Sold 11/19/2024
Will Silverman
Gary Phillips
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$1,437
Total Square Footage:177,431 SF
Transaction Type:Sale

The property asset involved in the transaction is an office located at 799 Broadway in Greenwich Village. The sale price is $255,000,000, covering a total square footage of 177,431, resulting in a price per square foot of $1,437.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $255,000,000
  • Address: 799 Broadway
  • Market: Greenwich Village
  • Square Footage: 177,431
  • Price Per Square Foot: $1,437
  • Buyer: Savanna
  • Seller: Columbia Property Trust, Cannon Hill Partners & Blackstone
  • Broker Representatives: Gary Phillips & Will Silverman - Eastdil Secured

The transaction features involvement from prominent firms, with Savanna acting as the buyer. The sellers comprise Columbia Property Trust, Cannon Hill Partners, and Blackstone, while the brokerage representation is provided by Gary Phillips and Will Silverman from Eastdil Secured.

Players

Gary Phillips
Eastdil Secured
Gary Phillips
89 deals$34.9B volume
BROKER
Will Silverman
Eastdil Secured
Will Silverman
72 deals$28.1B volume
BROKER

Details

SOLD
IMAGE: Gary Phillips, Will Silverman, Chris Schlank, Tom Farrell, Nick Bienstock, Kerry Powers & Andrew Kurd DATE: 11/19/2024 ADDRESS: 799 Broadway MARKET: Greenwich Village ASSET TYPE: Office BUYER: Savanna SELLER: Columbia Property Trust (@ColumbiaCXP), Cannon Hill Partners & Blackstone (@Blackstone) BROKERS: Gary Phillips (@Garyty123) & Will Silverman (@Wilverman1978) - Eastdil Secured (@EastdilSecured) SALE PRICE: $255,000,000 SF: 177,431 ~ PPSF: $1,437

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$13,600,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$905,961.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,208,830.09
Annual Debt Service$14,505,961.14