Goodwin Procter attorneys recently advised Savanna Capital Partners, a real estate private equity firm and asset management company, on its acquisition of 141 Willoughby Street in Brooklyn, N.Y. from the Institute of Design and Construction. Terms of the transaction were not disclosed.
The site, which includes a three-story building and up to 240,000 square feet of future development potential, is located across the street from City Point, a major development project, and is close to both the Barclays Center and the Atlantic Yards project.
Based in New York City, Savanna has invested more than $3.2 billion in total capital across 16.7 million square feet of real property in multiple asset classes. The firm was founded in 1992 and invests in real estate in the Northeast Corridor.
The Goodwin team advising on the transaction included partner Christopher Price. Partner Ross Gillman provided additional assistance.
Information about the development of 141 Willoughby Street can be found in the article “Brooklyn deal raises residential possibility,” in Crain’s New York Business.