NEW YORK (December 2, 2024) – Holland & Knight advised an international investor on its joint venture with real estate investment manager Savanna to acquire 799 Broadway, New York, NY, from Columbia Property Trust and Cannon Hill Capital Partners for $255 million. The transaction closed on November 19, 2024.
799 Broadway is a newly built 12-story, 176,588 square-foot Class A office building with ground floor retail located at the corner of Broadway and 11th Street in the Greenwich Village neighborhood of lower Manhattan. The acquisition of this distressed office property was completed through a lender-controlled sale process administered by Blackstone Mortgage Trust.
This transaction reflects a growing trend of opportunistic investors seeking distressed New York City office properties at discounted prices.
Holland & Knight's representation of this international investor was led by real estate Associate Eric Felcher and private wealth Partner David Hryck. They were assisted by private wealth Associate Eli Rodrigues.
More information on the transaction can be found here.