NEW YORK CITY—Real estate and private equity and asset management firm Savanna reports it has closed its fourth fund with more than $440 million of commitments.

The New York City-based firm also notes that it added five New York City properties totaling more than 2.5 million square feet to its portfolio in 2014. The company's fourth fund, Savanna Real Estate Fund III, L.P., held its final closing in the fall with commitments from a wide variety of institutional investors including insurance companies, sovereign wealth funds, public and private pension funds, foundations, fund-of-funds and wealth management companies, Savanna states.

Savanna's acquisitions in 2014 included: One Court Square, a 1.5-million square-foot office tower in Long Island City; 540 West 26th St., a development site in Chelsea; 110 William St., a 930,000 square-foot office building in the Financial District; 10 Madison Square Park, a retail condominium in the Flatiron District; and 141 Willoughby St. a development site in Downtown Brooklyn.

“We are excited to have closed our fourth fund and expanded our New York City portfolio with the addition of five tremendous properties,” says Nicholas Bienstock, managing partner at Savanna. “Each property represents a unique opportunity for us to secure a terrific asset in a dynamic submarket of the city.”

Earlier this month, Savanna and joint venture partners Hornig Capital Partners and Chelsea Village Associates acquired the former Schlitz Brewery in the Bushwick section of Brooklyn for $33 million. The new ownership plans an extensive capital improvement program to convert the industrial building into office and retail space.

Savanna states that it expects to close on the purchase of an approximately 175,000 square-foot property in the Bronx within the next month.

“We have a strong pipeline for 2015,” says Christopher Schlank, managing partner at Savanna. “We look forward to bringing our repositioning and leasing expertise to these new deals.”