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Savanna closes $640M NYC office tower buy from Blackstone

Savanna wrapped up its $640 million acquisition of the 5 Bryant Park office tower in New York City from fellow private equity firm Blackstone Group LP, the Commercial Observer reported.

The 35-story Midtown office building spans 682,988 square feet and has an alternate address of 1065 Avenue of the Americas between West 40th and West 41st Streets, the publication noted, citing Savanna.

A $463 million loan from Deutsche Bank was arranged to purchase the building. The terms of the financing were not disclosed and a Deutsche Bank spokeswoman declined to comment on the matter.

JLL and HFF teams handed the deal for Blackstone, while Savanna did not have a sales broker in the transaction.