Cornerstone Snaps Up 100 Wall St.

NEW YORK CITY—Cornerstone Real Estate Advisers has acquired the 100 Wall St. office tower  from Savanna.

Hartford, CT-based Cornerstone acted on behalf of a company-managed fund in the purchase of the 29-story 520,000-square-foot Class A glass and steel office building located between Front and Water streets in Lower Manhattan's Financial District. The purchase price for the property was $275 million or $581-per-square-foot, according to a reliable data source.

Savanna acquired the property in May 2011 for $130 million and completed $25 million of capital improvements since then, including a successful pre-built program and resiliency improvements following Hurricane Sandy in 2012.

“We are proud of the transformational change we achieved at 100 Wall St.,” says Kevin Hoo, managing director at Savanna. “The incremental capital investment has significantly added to the property's future resiliency and repositioned it as a premier destination for a wide range of global, institutional quality tenants.”

In the past two years, Savanna leased more than 355,000 square feet of space at 10 Wall St., raising the building's occupancy from 78% shortly after acquisition to its current 97% rate. Tenants at the property include litigation law firm Lester Schwab Katz and Dwyer, which leased the entire 26th and 27th floors; Loeb Holding Corp., a privately held investment and merchant banking firm; Crenshaw Associates, an executive talent firm and PCubed, a global management consulting firm.

“Lower Manhattan has experienced a tremendous amount of growth over the past few years and is entering an exciting phase of its renaissance,” Hoo says. “100 Wall St. will be a direct beneficiary of this growth and we are pleased to have transacted with Cornerstone, a world class real estate owner.”

Eastdil Secured's Douglas Harmon, Adam Spies, Joshua King and Adam Doneger represented Savanna in the sales deal. Carl Schwartz, Laurie Grasso, Susan Saslow, Larissa Kravanja and Ian Group of Hunton & Williams LLP served as legal counsel, with assistance from Barbara Lau. Brokers contacted by GlobeSt.com did not respond to requests for comment by press time.