110 William St. (NYLJ/Rick Kopstein)
A joint venture of Savanna and KBS Capital Advisors has acquired 110 William St. from Swig Equities and Dubai Investment Group for $261.1 million. Located in Manhattan’s Financial District, the 32-story tower has 928,000 square feet and stands at the corner of William and John streets.
“Our acquisition of 110 will accelerate the positive transformation of William Street that is occurring as institutional firms continue to buy and upgrade many of the adjacent properties,” Nicholas Bienstock, Savanna’s managing partner, said in a statement.
Laurie Grasso, a partner at Hunton & Williams, senior attorney Susan Saslow, and associate Larissa Kravanja represented Savannah in the acquisition.
Carl Schwartz, a Hunton & Williams partner in New York City, along with partner Sean Ducharme and associate Wyatt Deal in the Richmond, Va., office, represented Savannah its the joint venture with KBS.
Scott Morehouse, a partner at Sheppard, Mullin, Richter & Hampton, and associate Matthew Holbrook, who are in the firm’s Costa Mesa, Calif., office, represented KBS in the joint venture with Savanna.
Jeffrey Temple and Mark Edelstein, partners at Morrison & Foerster, and associate Elisa Vega, represented sellers Swig Equities and the Dubai Investment Group.
The William Street property has flexible floor plates with views of the water. Among the improvements planned by Savanna as part of a comprehensive capital improvement project are modernizing the lobby and entrance, renovating the roof and façade, and upgrading corridors and bathrooms.
For commuting convenience, the building will have direct entry from its lobby to the subway and the Fulton Center, which is expected to be complete this summer. Additionally, the nearby World Trade Center transportation hub is scheduled for completion in 2015.
“It’s an exciting time to be investing in downtown Manhattan as the long transformation has arrived, with over $30 billion in capital invested in downtown from both the public and private sector over the last 10 years,” Adam Spies, senior managing director at Eastern Consolidated, said in a statement. “The demand for office space continues to increase, evidenced by 22 percent year over year increase in the rental rates as of the first quarter 2014,” said Spies, who advised on the transaction with Eastern’s Douglas Harmon, senior managing director.
Savanna is a New York City-based real estate private equity and asset management firm. Since its inception in 1992, Savanna has invested more than $2.1 billion in total capital across 19.3 million square feet of real property, according to its website.
Leasing at 110 William St. will be handled by a team from Newmark Grubb Knight Frank: Hal Stein, managing principal; Andrew Peretz, executive managing director; Adam Leshowitz, managing director; and Todd Stracci, director. Swig Equities will provide property management services.
RKF, a leading retail real estate firm, has expanded its midtown New York City headquarters at 521 Fifth Ave., at 43rd Street, by about 30 percent for a total of nearly 21,000 square feet. RKF has taken the entire seventh floor of the 39-story, 459,850-square-foot boutique building which is owned and managed by SL Green Realty Corp.
“We’re bursting at the seams for all of the right reasons; while our business has grown consistently over the past two decades, the momentum has measurably accelerated in recent months,” Robert Futterman, RKF chairman, CEO and founder, said in a statement.
Jeffrey Platte, a founding member at Platte, Klarsfeld, Levine & Lachtman, represented RKF. RKF’s in-house counsel was Michael Taxin, general counsel and vice president, operations.
Noah Shapiro, a partner at Haynes and Boone, represented SL Green.
The asking range at 521 Fifth Ave., where RKF has been a tenant since 2003, is in the low to high $60s per square foot.
The building has undergone a $25 million renovation, including the construction of a new entrance and façade restoration; new elevator cabs, common corridors, widows, bathrooms; and upgraded infrastructure.
In addition to retail leasing, RKF provides investment sales and consulting services and has been an influence in major urban U.S. retail districts with other offices in Chicago, Las Vegas, Los Angeles, Miami, San Francisco and in New Jersey. It also has an affiliation with U.K.-based CWM Retail Property Advisors. Earlier this year, RKF opened its first office outside of the U.S. in Toronto, according to its website.
RKF’s Michael Flood, executive vice president and CFO, handled the lease on behalf of RKF and Bradley Gerla, an executive vice president at CBRE, advised RKF on the expansion. Cushman & Wakefield is the leasing agent for the building.
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