Savanna decides to hold on to One Court Square
Fund takes 1.5M sf office tower off the market
September 17, 2015 04:54PM
By
Rich Bockmann
From left: Savanna’s Christopher Schlank, Nicholas Bienstock and One Court Square
The owners of Long Island City’s One Court Square have changed course and decided against selling the 1.5 million-square-foot office tower.
Savanna, which bought a controlling interest in the tower at 25-01 Jackson Avenue, also known as the Citibank Building, was shopping the property for sale earlier this year. As a possible residential conversion, the building could have reportedly fetched a price north of $500 million.
Savanna decided not to sell, though, and has instead refinanced the property’s $315 million mortgage, Commercial Real Estate News reported.
The private equity firm led by managing partners Christopher Schlank and Nicholas Bienstock bought a controlling interest in the building last year from David Werner and Joel Schreiber’s Waterbridge Capital, which bought the property from SL Green in 2011 for $500 million.
Citibank occupies the entirety of the 26-year-old building on a lease that runs through 2020.
