Savanna said Tuesday it had acquired 799 Broadway, a 12-story, 176,588-square foot, Class-A office in Greenwich Village. The investment manager acquired the distressed office property from Columbia Property Trust and Cannon Hill Capital Partners at a deeply discounted $255 million, through a lender-controlled sale process administered by Blackstone.

799 Broadway was delivered in 2022, making it one of the newest buildings in New York City. Located at the intersection of Broadway and 11th Street, south of Union Square, the property is 71% leased with an 11-year WALT for current tenants.

Kerry Powers, managing director with Savanna, said the property was “representative of the opportunities Savanna continues to pursue, acquiring some of the very best real estate in New York City at extraordinarily discounted prices given the current turbulence in the market.”

Both Savanna and the seller were represented by an Eastdil Secured team led by Gary Phillips and Will Silverman.

Savanna, a New York City-based, vertically-integrated real estate investment manager, owner/operator and developer, has launched Savanna Advisory Services (SAS). The fee-based restructuring advisory unit offers restructuring and planning expertise along with full property-level execution of business plans to lenders and other commercial real estate market participants.

Current advisory assignments for the SAS unit include engagements for a global bank on a major NYC office building and a debt fund with a foreclosed mixed-use redevelopment project. Savanna has completed more than four million square feet of previous property restructuring experience with 14 different lenders and joint venture equity partners.

“Three years of COVID and two years of interest rate and capital markets illiquidity have put massive stress on property investments, and 2024 looks to be a crucial year when decisions must be made, and new plans instated and executed,” said Nick Bienstock, CEO of Savanna.

He continued, “Based on existing engagements and the multitude of additional inquiries, we believe there is considerable demand for restructuring advisory groups like SAS that can advise on complex restructurings and develop new business plans for distressed properties, providing full execution of the same by an experienced group.”