Press Release January 07, 2013

Goodwin Procter Advises Savanna On Recent New York City Real Estate Transactions

A team of Goodwin attorneys recently advised client Savanna Investment Management, LLC (“Savanna”) on two substantial New York City real estate transactions in 2012.

In September, Goodwin advised 386 Park Avenue South Property Investors I, LLC, a subsidiary of a joint venture between affiliates of Savanna and Monday Properties LLC, on the sale of the commercial office building at 386 Park Ave. South in New York City. The sale was made to 386 PAS Owner LLC, a joint venture between affiliates of William Macklowe Company and Principal Real Estate Investors LLC. The property is a 20-story high-rise building with 260,000 rentable square feet in Midtown South.

In December, Goodwin advised 104 West 40th Street Property Investors I, LLC, an affiliate of Savanna, on the sale of the commercial office building located at 104 West 40th Street, New York City, to Park House Plaza, LLC, an affiliate of Princeton International Properties. The Property is a landmark 210,000-square-foot, 20-story Class A glass and steel office building located steps from Bryant Park on 40th Street and Broadway in Midtown Manhattan. Terms of both deals were not disclosed.

Savanna is a New York City-based institutional real estate private equity firm and asset management company. Since inception, Savanna has invested more than $2.6 billion in total capital across 17.3 million square feet of real property across multiple asset classes and locations, representing $3.8 billion in total capitalization.

“We were pleased to help Savanna execute these important commercial real estate transactions in 2012, and we look forward to helping them realize their strategic goals in 2013,” said Christopher Price, partner in the New York office of Goodwin’s Real Estate, REITs & Real Estate Capital Markets Group and chair of the firmwide Real Estate Finance Practice.

The Goodwin team representing Savanna on the deals was led by Price and included Counsel Kerri Garipoli, Associate Jacqueline Bideau and Tax partner Neal Sandford.