Olmstead scoops up Savanna’s Midtown office building for 45% off

Olmstead Properties snapped up a Midtown office building for $108 million, a steep markdown from its last trade in 2017, The Real Deal has learned. Olmstead bought the 16-story, 303,000-square-foot property at 19 West 44th Street from Savanna, almost a decade after the private equity firm paid $195 million for the Class B building between Fifth and Sixth avenues. Savanna spent $20 million on upgrades to the building, according to the property’s website. Eastdil Secured’s Will Silverman and Gary Phillips brokered the deal. Eastdil and Olmstead declined to comment. Savanna did not immediately respond to a request for comment. Olmstead […]

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