NEW YORK CITY—Savanna, in partnership with another New-York based firm, has acquired a controlling interest in One Court Square, a 1.5 million-square-foot Class A office and retail building in Long Island City occupied by Citibank. David Werner and his investor group, which sold the controlling interest, will remain a partner in the deal.
GlobeSt.com was unable to find out the price of the sale at press time. However, industry data shows that Werner’s group paid over $480 million for the property two years ago, and Crain’s New York Business reports that in this most recent transaction, “the acquisition values the property significantly higher than when Werner bought it.”
Says Werner, “We were delighted to bring in Savanna as a partner on this unique building. Savanna has a great track record in adding value to New York investments and we look forward to our partnership with them on One Court Square.”
Designed by renowned architecture firm Skidmore, Owings & Merrill LLP, One Court Square was built by Turner Construction in 1989. The property is comprised of a 51-story, Class A high-rise tower and a four-story low-rise annex building. The tower, the tallest structure in New York State outside Manhattan, features 31,000-square-foot floor plates and views of the Manhattan skyline. The property also offers close proximity to transportation with a subway station underneath the atrium that provides direct access to Midtown Manhattan in less than three minutes.
“We are thrilled to announce the acquisition of this terrific asset in Long Island City,” says Nicholas Bienstock, managing partner of Savanna. “One Court Square not only features attractive building amenities and convenient transportation access, but is also located in the heart of Long Island City, which has transformed over the past 10 years into one of the most attractive up-and-coming residential and office markets in the city.”
Long Island City appears to be growing into a 24/7, live-work-play community, with a substantial amount of residential development and corporate relocations bringing more residents and jobs to the area in recent years. As of October 2013, there were 30 residential projects in the pipeline to be developed with over 8,000 units.