NEW YORK—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-markets 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.