Savanna, Stellar Acquire 2 Rector Street in Lower Manhattan

NEW YORK—Savanna, in partnership with Stellar Management, has acquired 2 Rector Street, a 464,000-sq.-ft. multi-tenant office building in Lower Manhattan.

Located next to the World Trade Center development, 2 Rector Street stand 26 stories high and offers full-block frontage on Rector Street between Greenwich Street and Trinity Place.

Savanna initially acquired part of the first mortgage in 2007.

In 2010, Savanna worked with Stellar Management to recapitalize the property. Recently, Savanna recently worked with Stellar to buy out Stellar’s partners, which included Lehman Brothers, thereby acquiring a controlling interest in the property.