Savanna works with Herrick, Feinstein to acquire 100 Wall St. in UCC auction

Savanna, a New York-based real estate private equity and asset management firm, has taken title to 100 Wall St., a 29-story, 504,000 s/f class A office building in the city's Financial District. Savanna worked with Herrick, Feinstein LLP to gain the fee simple interest to the property through a UCC Foreclosure Auction. According to public records, acquisition financing included $7.5 million in mezzanine financing and a senior loan in the amount of $117 million. Savanna plans to immediately initiate a capital improvement plan and has hired Mitchell Konsker, Scott Cahaly, and Brian Reiver of Jones Lang LaSalle (JLL) to lead its marketing and leasing program at the property. "We are very excited to team up with Savanna to reintroduce this world-class address and property back to the market," said Konsker, a vice chairman of JLL. "100 Wall St. is one of the premier buildings in the heart of the Financial District offering class A office space and amenities." 100 Wall St. offers tenants views of the East River and is currently 77% occupied with 18,900 s/f floor plates. Current tenants include law firm Harris Beach, the Bank of Taiwan and the New York Stock Exchange. Formed in 1992, Savanna is an institutional real estate private equity firm and asset management company based in New York City and run by Managing Partners Chris Schlank and Nick Bienstock. The firm pursues opportunistic real estate equity and debt asset investments throughout the northeastern United States, focusing on directly owning and operating properties in New York City and the Washington, D.C. metro area. The firm's equity investments target superior risk-adjusted returns by adding value through asset management and/or property development, redevelopment, and repositioning. Savanna also selectively invests in real estate debt instruments that have the potential to generate equity-like returns, including preferred equity instruments, high-yield bridge and mezzanine loans, and B-notes. Since inception, Savanna has invested more than $1.7 billion in total capital across 15.2 million square feet of real property across multiple asset classes and locations, representing over $3.75 billion in total capitalization. # # #