CIM Group is purchasing a downtown New York office tower after the property’s prior owners leased up the space. According to data provider Real Capital Analytics, the Los Angeles-based real estate fund manager is in contract to acquire 2 Rector Street, a 417,472-square-foot office building in Manhattan’s Financial District, from a joint venture between New York-based firms Savanna and Stellar Management for $140 million.
Built in 1909, 2 Rector was acquired by Stellar in 1997. In 2007, Savanna acquired a portion of the first mortgage at a discount, then provided a mezzanine loan in 2010 to work with Stellar to recapitalize the 26-story building. A report from the New York Observer reveals that Savanna acquired a controlling interest in the property last fall.
Both Savanna and Stellar committed fresh capital towards refurbishing and re-leasing the building. Savanna acquired its stake in 2 Rector through its debut private investment vehicle, Savanna Real Estate Fund I. Representatives from both Savanna and Stellar declined to comment.
The property currently is fully leased. Tenants include the nonprofit organization Ithaka, electrical contractor Five Star Electric, consulting firm NEE Consulting, law firm Morris Duffy Alonso & Faley, fixed-income investment management firm Goldstein Capital and architect Daniel Libeskind.
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