—CIM Group and Kushner Companies has acquired 2 Rector Street, a 466,000-sq.-ft., 26-story office property in Lower Manhattan, from Savanna. Laurie Grasso from Hunton & Williams represented Savanna on the sale. The sales price was not disclosed.
“Two Rector Street is a beautiful, beaux-arts office buildings steps from the World Trade Center redevelopment in one of the most dynamic sub-in Manhattan,” said Andrew Fichte, vice president at Savanna.
Savanna acquired part of the property’s first mortgage in 2007. After the property lost its largest tenant in 2009, Savanna originated a mezzanine loan to fund the re-tenanting of a large block of vacant space and then, in 2012, acquired majority interest and control through a partnership with Stellar Management.
The property offers frontage on the full block of Rector Street and is situated between Greenwich Street and Trinity Place.