NEW YORK CITY-A note acquisition three years ago as the market was still recovering from the downturn has led to an office-property sale and a nice profit. Savanna, which acquired the mortgage on 5 Hanover Square for $51.5 million in 2010, has now closed on the sale of the 25-story office property to CIM Group for $104 million, an amount that exceeds the sub-$100-million industry estimate quoted by Crain’s New York Business when the property went to market this past May.

The sale, brokered by Doug Harmon and Adam Spies of Eastdil Secured, marks the second time in three months that Savanna has sold a Lower Manhattan office asset to Los Angeles-based CIM. In June, a partnership of CIM and the Kushner Cos. acquired Two Rector Street from Savanna and Stellar Management. The price was $140 million for the 466,000-square-foot tower, according to industry data, in line with the pricing per square foot on 5 Hanover.

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