NEW YORK CITY-Private-equity firm Savanna has bought a 513,000-square-foot office tower located at 1375 Broadway 37th St. in Manhattan for $135 million, which translates into $263 per square foot.
Savanna expects to invest $20 million for the renovation of the building, which is 90% occupied. The average rent for the tower is nearly $20 per square foot. As part of the acquisition, Savanna joined up the fee ownership and the lease. For the full story, go to Wall Street Journal.
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