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Real Estate News

June 20, 2012

Alum's Firm Climbs to Second Place Among NYC Commercial Office Acquirers

The real estate investment firm led by managing partners Nicholas Bienstock '96 and Christopher Schlank has climbed into second place among New York City's acquirers of commercial office buildings.

Topics: Real Estate

The real estate private equity and management firm led by managing partners Nicholas Bienstock '96 and Christopher Schlank has climbed into second place among New York City's acquirers of commercial office buildings, according to Real Capital Analytics. The firm, Savanna, has bought 10 properties since 2009, garnering praise from industry peers for its acquisitions strategy, strong relationships, and ability to negotiate complex deals.

Savanna's most recent acquisition was 576 Fifth Avenue, for which it bought the defaulted mortgage and negotiated forgiveness on other debts. The deal closed in May 2012.

According to Bienstock, who joined Savanna in 1999 and also serves on Columbia's MBA Real Estate Program Advisory Board, the firm's expertise extends beyond choosing investments to actively managing and improving upon its properties. "We know how much the bathroom tile costs," he told Crain's in a June 11, 2012, story.

A New York City-based institutional real estate private equity firm and asset management company, Savanna focuses on B-level office buildings from 70,000 to 520,000 square feet. Its portfolio includes 15 East 26th Street, 100 Wall Street, and 31 Penn Plaza.