Savanna, a New York City-based real estate investment manager, owner/operator and developer, has acquired the leasehold interest for 430 West 15th St., an eight-story, 95,000-square-foot office property located in the Meatpacking District of lower Manhattan. Savanna acquired the boutique Class-A office building at a deeply discounted price of $85 million.
The building is currently fully leased but well-positioned to take advantage of the top-tier rents in the submarket in the future, Savanna said. The eight-story property, which underwent a large renovation in 2015, is comprised of a historic brick base connected by a glass “zipper” to a four-story addition with floor to ceiling windows.
The purchase represents the second Manhattan office property the company has recently bought at a discounted price, following the acquisition of 799 Broadway in late 2024.
“This was a unique opportunity to a purchase a premier office asset in one of the most popular neighborhoods of Manhattan at a reduced price, and we’re pleased to announce this latest acquisition,” said Kerry Powers, Savanna. “430 West 15th Street aligns seamlessly with Savanna’s portfolio of quality assets in great locations and underscores our bullish outlook on the New York City office market.”
Savanna was represented by Adam Kopald at Goodwin Proctor in the transaction. The seller was represented by an Eastdil Secured team led by Will Silverman, Alana Bassen, Gary Philips and Jeff Organisciak.
