HFF announces $640M sale of 5 Bryant Park in Manhattan
NEW YORK, NY – May 25, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $640 million sale of 5 Bryant Park, a 35-story, 681,575-square-foot Class A office tower with frontage on Bryant Park, one of New York City’s premier greenspaces.
The HFF and JLL teams marketed the property on behalf of the seller, and procured the buyer, Savanna.
5 Bryant Park is located at 1065 Avenue of the Americas on the corner of West 40th and 6th Avenue in the heart of the Bryant Park submarket. Bryant Park is the most densely populated urban park in the world with more than 800 daily visitors per acre and more than six million visitors per year. The property is accessible via numerous subway lines, regional commuter rail services and bus services, and is adjacent to the newly opened Whole Foods in Bryant Park’s retail market. Originally built in 1958 and renovated most recently in 2015, 5 Bryant Park features flexible floorplates ranging from 7,500 to 34,000 square feet, open floorplans, a recently renovated lobby and superior views of Bryant Park from every floor. The property is 95 percent leased to a diverse mix of tech, financial, professional services and retail tenants.
The HFF investment advisory team representing the seller included senior managing director Andrew Scandalios and managing director Graham Stephens. JLL’s investment advisory team consisted of international director Peter Nicoletti and managing director Anthony Ledesma.
Savanna, formed in 1992, is a vertically-integrated real estate investment manager and institutional fiduciary based in New York City and focused on strategic property investments throughout the City’s five boroughs. The firm, led by Managing Partners Christopher Schlank and Nicholas Bienstock, pursues real estate equity and debt asset investments, including ground-up development and major repositioning projects. Savanna’s equity investments target superior risk-adjusted returns by adding value through asset management and/or property development, redevelopment and repositioning, deploying a team of more than 30 experienced investment, asset management, construction and leasing professionals. Savanna selectively invests in real estate debt instruments that have the potential to generate equity-like returns, including preferred equity instruments, high yield bridge and mezzanine loans, and B-notes. Since 2006, Savanna has invested over $3 billion in total capital across nearly 14 million square feet of real property.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.