Savanna pays $255M to PIMCO’s Columbia Property Trust for office in Greenwich Village

Savanna through the entity Weisshorn Re 799 Broadway LLC paid $255 million to PIMCO’s Columbia Property Trust through the entity Maple C 799 Broadway Owner II, LLC for the newly built office building (O6) at 799 Broadway in Greenwich Village, Manhattan. The expected use is cash flowing. The building is across the street from the historic Grace Church in New York, constructed in the 1840s.
The deal closed on November 19, 2024 and was recorded on November 26, 2024. The property has 149,211 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,708 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
PIMCO bought Columbia Property Trust in December 2021, with assets in NYC valued at $1.4 billion, including this building. The signatory for Columbia Property Trust was Adam Frazier. The signatory for Savanna was Nicholas Bienstock. The contract date was October 18, 2024. The Commercial Observer reported on the sale.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Savanna had purchased any other properties and sold three properties in three transactions for a total of $124 million over the past 24 months.
The seller Columbia Property Trust had not purchased any other properties and sold two properties in two transactions for a total of $173.5 million over the same time period.

The property

The office building in Greenwich Village has 149,211 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 199 feet deep with a total lot size of 19,575 square feet. The lot is irregular. The zoning is C6-1 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $32.5 million. The most recent loan totaled $217.8 million and was provided by Blackstone Group on June 8, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $440 in OATH penalties in the last year.

The neighborhood

In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has 3.8 times the average sales volume among other neighborhoods with $972.7 million in sales volume in the last two years and is the 9th highest in Manhattan. For development, Greenwich Village has 2.5 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of six of the 11 commercial properties representing 375,767 square feet of the 424,223 square feet. The largest owner is Normandy Real Estate Partners, followed by New York University and then Bldg Management.
On the tax block, there was one new building construction project filed totaling 128,334 square feet. It is a 128,334 square-foot business (B) building submitted by Rahsaan Hatter with plans filed April 9, 2018 and permitted May 10, 2019.

The majority, or 45 percent of the 424,223 square feet of built space are office buildings, with hotel buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Columbia Property Trust owned at least four commercial properties in New York City with 1,839,545 square feet and a city-determined market value of $261.9 million. (Market value is typically about 50% of actual value.) The portfolio has $208.9 million in debt, borrowed from JPMorgan Chase. Within the portfolio, all identified are office properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Savanna owned at least nine commercial properties in New York City with 1,964,566 square feet and a city-determined market value of $404.8 million. (Market value is typically about 50% of actual value.) The portfolio has $656.4 million in debt, with top three lenders as Deutsche Pfandbriefbank, PIMCO, and Aareal Capital respectively. Within the portfolio, the bulk, or 83 percent of the 1,964,566 square feet of built space are office properties, with O4 properties next occupying 17 percent of the space. The bulk, or 66 percent of the built space, is in Manhattan, with Brooklyn next at 34 percent of the space.

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