New York, NY – March 8, 2011 – (RealEstateRama) — Savanna, a New York-based real estate private equity and asset management firm, today announced that Odyssey Financial Technologies has signed a 10-year lease for 7,500 square feet of commercial office space at 5 Hanover Square in Manhattan’s Financial District. The asking rents in the building start in the low $30’s per square foot. The company, a global banking software solutions provider, will occupy part of the 20th floor of the 333,000-square-foot, 25-story building, which is currently undergoing a comprehensive capital improvement plan.
“We are pleased to welcome Odyssey Financial Technologies to their new space at 5 Hanover Square,” said Christopher Schlank, a Managing Partner of Savanna. “This lease is an endorsement of our investment in the building and the revival of the downtown commercial office market. We are actively negotiating on a number of other spaces in the building and look forward to signing new tenants over the next few months.”
Located between William and Hanover Streets in Manhattan’s Financial District submarket, this multi-tenant office building designed by architect Henry G. Green was built in 1962 and has undergone over $24 million of renovations and upgrades since 2003.
In February 2011, Savanna announced that it had closed a $47 million loan provided by Mesa West Capital to capitalize the property, pay the leasing and tenant fit out costs, and continue a capital improvement plan that includes bathroom and hallway renovations, elevator and major building system upgrades and additional cosmetic improvements to the recently renovated lobby.
Shay Pope, Derek Myers, and Jessica Staple of Newmark Knight Frank represented Odyssey Financial Technologies in the transaction.
Frank Cento of Cushman and Wakefield is ownership’s representative for the leasing campaign at the Property.
About Savanna
Formed in 1992, Savanna is an institutional real estate private equity firm and asset management company based in New York City. The firm pursues opportunistic real estate equity and debt assets throughout the northeastern United States with a focus on directly owning and operating properties in New York City and the Washington, D.C. metro area. Since inception, Savanna has invested in over 14 million square feet of real property across multiple asset classes and locations.
