New York investment firm Savanna acquires building amidst global interest
NEW YORK, October 16, 2017 – The Berkeley Building in Midtown Manhattan, an historic 18-story office building that drew interest from investors worldwide during its short time on the market, has been acquired for $195 million, or about $642 per square foot, Colliers International has reported.
Savanna, a New York City real estate investment firm, purchased the property at 19 W. 44th Street from German investment manager Deka Immobilien. Colliers’ Institutional Capital Markets Group, which provides global institutional-grade clients with tailored investment services, advised Deka on the sale.
Deka retained Colliers in June to market the property for sale. By the end of July, Deka had agreed to an offer from Savanna that pre-empted a scheduled bidding process. The Colliers team that advised Deka in this latest transaction also advised the German investment firm in its original 2010 acquisition of the property for $123 million.
Robert Stamm, Executive Managing Director of the Colliers Institutional Capital Markets Group that handled the sale, said the property attracted interest from both domestic and foreign investors alike given its institutional quality, stable cash flow and location.
“A combination of stable cash flow with excellent upside potential and a desirable Midtown location between Fifth Avenue and Avenue of the Americas made this property incredibly attractive to institutional investors,” Stamm said. “Ultimately, we were pleased that Savanna’s strong interest in the property allowed us to execute with a strong and reputable investor.”
Martin Pupil, President of U.S. Brokerage Services for Colliers, noted that the successful disposition of the Berkeley Building demonstrates the strength of the brokerage firm’s Institutional Capital Markets Group, which also required local expertise from Colliers’ New York Capital Markets team led by Vice Chairmen Richard Baxter and Scott Latham.
“The sale of the Berkeley Building represents the successful combination of Colliers’ global investment advisory capabilities with our local New York Capital Markets expertise, which yielded a result that exceeded the client’s expectations,” said Pupil.
About Colliers International Group
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm. Colliers also has been ranked the top property manager in the world by Commercial Property Executive for two years in a row.
For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn.