NEW YORK CITY-A partnership of the Kushner Companies and the CIM Group has acquired 2 Record St. in Lower Manhattan for a reported purchase price of $140 million.

The 26-story, 465,000-square-foot office and retail building was sold by Stellar Management's Laurence Gluck and the Savanna Real Estate Fund.

“2 Rector Street is a beautiful, beaux-arts office buildings steps from the World Trade Center redevelopment in one of the most dynamic sub-markets in Manhattan. We are pleased to realize this successful investment for our partners,” states Andrew Fichte, vice president of Savanna, in a press release.

Savanna initially acquired a portion of 2 Rector Street's first mortgage from a bank fortifying its balance sheet at the end of 2007. After the property lost its largest tenant in 2009, Savanna originated a mezzanine loan to fund the re-tenanting of a large block of vacant space. In 2012, Savanna acquired majority interest and control through a partnership with Stellar Management.

Jones Lang LaSalle's Ron Cohen, Richard Baxter, Scott Latham and Jon Caplan represented the sellers, along with Laurie Grasso from Hunton & Williams, who represented Savanna on the sale. The buyers were represented by CIA Group's Ray Cecora. See story in The Real Deal.