Savanna, a New York-based real estate private equity and asset management firm, has agreed to buy 110 William Street, the 32-story office building totaling 900,000 square feet at the corner of William and John Streets in Manhattan’s Insurance District, for $260 million or $280 per square foot, according to the Twitter feed of New York Post reporter Lois Weiss, who cites Real Estate Alert.
Since purchasing the property from Trizec Properties for what was reported to be $164.5 million in December 2004, Swig Equities has completed a major capital improvement program including lobby renovations, façade upgrades, and enhanced security features.
Swig Equities hired Eastdil Secured to market the property earlier this year, according to reports.
110 William Street is leased to approximately 34 office and 4 retail tenants, according to the seller’s website, including government, insurance, banking, securities, brokerage, and the legal and accounting professions.
Originally constructed in 1918, the building was redesigned by Sylvan Bien in 1959. Trizec Properties spent in excess of $8 million upgrading and refurbishing the Property.