Controlling interest in One Court Square, a 1.5 million square-foot Class A office and retail building in Long Island City, has been acquired by Savanna, a New York-based real estate private equity firm, along with an undisclosed partner. David Werner and his investor group, which sold the controlling interest, will also remain a partner in the deal.
Designed by renowned architecture firm Skidmore, Owings & Merrill LLP, One Court Square was built by Turner Construction in 1989.
The property is comprised of a 51-story, Class A high-rise tower and a four-story low-rise annex building. The tower, the tallest structure in New York State outside Manhattan, features 31,000 square-foot floor plates and unparalleled views of the Manhattan skyline. The property also offers tremendous transportation options, with a subway station underneath the atrium that provides direct access to Midtown Manhattan in less than three minutes.
“We were delighted to bring in Savanna as a partner on this unique building,” said David Werner in a statement. “Savanna has a great track record in adding value to New York investments and we look forward to our partnership with them on One Court Square.”
According to Nicholas Bienstock, Managing Partner of Savanna, Long Island City is rapidly growing into a 24/7, live-work-play community, with a substantial amount of residential development and corporate relocations bringing more residents and jobs to the area in recent years. As of October 2013, there were 30 residential projects in the pipeline to be developed with over 8,000 units.
Photo credit: David Shankbone