Savanna Real Estate Fund bought 5 Bryant Park, a office tower in Midtown Manhattan, for $640m from Blackstone Group. The buyer paid $937 per sq ft for the 34-story, 683,000 sq ft tower. Located on Sixth Avenue between West 40th and West 41st streets, the property also offers 38,306 sq ft of retail space. Currently 97 percent leased, tenants include Seamless, Movable Ink and HOK Architects. Savanna is planning to redesign the lobby, entrance as well as renovate select bathrooms, corridors, terraces, and windows throughout the building. A joint team of JLL and HFF represented Savanna in the financing of a $463m acquisition loan.
