International property financial investment management business Foundation Group Real Estate Solutions LLC, a member of the MassMutual Financial Group, has closed on its acquisition of 100 Wall St. in New York City.
Though the list prices was not disclosed, local media is reporting the downtown workplace structure traded for $275 million, which would equate to about $573 per square foot.
Savanna got the asset in Might 2011 for $130 million, according to CoStar information. The firm since invested more than $25 million in capital enhancements, including an effective pre-built program and resiliency improvements following Typhoon Sandy in 2012.
The 29-story, 480,000-square-foot, 4-Star office tower was built in 1969 on half an acre in Manhattan’s Financial District submarket, between Water and Front Streets. It showcases 12 elevator banks, on-site banking and concierge, access to public transit, and 12-foot slab heights.
The structure is currently 97 percent leased, following more than 355,000 square feet of completed leases over the past 2 years. Law practice Lester Schwab Katz & & Dwyer took two floors there in 2014, and this year InterExchange leased 15,000 square feet in the structure. JLL’s leasing group of Mitchell Konsker, Scott Cahaly, and Kyle Young assisted Savanna in enhancing occupancy from 78 percent in 2011.
“Lower Manhattan has actually experienced a remarkable amount of development over the previous couple of years and is getting in an interesting stage of its renaissance,” stated Kevin Hoo, handling director at Savanna. “100 Wall Street will be a direct recipient of this growth, and we are delighted to have transacted with Cornerstone, a world class property owner.”
Douglas Harmon, Adam Spies, Joshua King, and Adam Doneger of Eastdil Protected represented the seller, an institutional property private equity firm and possession management business with more than $2.7 billion in total financial investments considering that 2006. Carl Schwartz, Laurie Grasso, Susan Saslow, Larissa Kravanja, and Ian Group of law firm Hunton & & Williams LLP served as legal counsel, with help from Barbara Lau.
Please see CoStar COMPS # 3341879 for extra information on this transaction.