Savanna and KBS renew Lovell Safety Management at 110 William Street

New York, NY The New York office of CBC Advisors, along with Savanna, a New York-based real estate investment and development firm, and its joint venture partner KBS Strategic Opportunity REIT (KBS), a public non-traded real estate investment trust based in Newport Beach, Calif., arranged a lease renewal with Lovell Safety Management Co., LLC at 110 William St. The tenant renewed for 25,398 s/f on the 12^th floor of the property, a 32-story, 928,000 s/f office tower in the Financial District, for a 10-year term. Peter Sabesan and Richard Selig of CBC Advisors represented Lovell Safety Management, while Savanna handled the renewal in-house. “This lease renewal positions Lovell Safety Management in a superior and prominent location for continued success,” said Sabesan, who has represented Lovell Safety Management for the last 30 years. For over seven decades, Lovell Safety Management has provided comprehensive solutions for workers' compensation insurance, serving as the largest, oldest and most successful safety group administrator in New York. “We are very pleased that Lovell Safety Management, a longtime existing tenant, has renewed their lease at 110 William,” said Brian Reiver, director of leasing at Savanna. “Their commitment to the property is a reflection of the work that Savanna and KBS completed to enhance the tenant experience at 110 William so that it is a great place for companies across industries to work and grow.” After acquiring the property in 2014, Savanna and KBS implemented a capital improvement program including a new lobby and entrance, renovated roof and façade, new pre-built office spaces, and upgraded bathrooms and corridors throughout the building. Since acquisition, the joint venture partnership has signed more than 95,000 s/f of new and renewal leases.