NEW YORK CITY—Savanna, in partnership with another New-Yorkbased firm, has acquired a controlling interest in One CourtSquare, a 1.5 million-square-foot Class A office and retailbuilding in Long Island City occupied by Citibank. David Werner andhis investor group, which sold the controlling interest, willremain a partner in the deal.
GlobeSt.com was unable to find out the price of the sale atpress time. However, industry data shows that Werner's group paidover $480 million for the property two years ago, and Crain'sNew York Business reports that in this most recenttransaction, “the acquisition values the property significantlyhigher than when Werner bought it.”
Says Werner, “We were delighted to bring in Savanna as a partneron this unique building. Savanna has a great track record in addingvalue to New York investments and we look forward to ourpartnership with them on One Court Square.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
