A little more than one year after its last real estate fund closed oversubscribed, Savanna is once again hitting the fundraising trail with a new investment vehicle targeting underperforming office properties in gateway cities along the East Coast.
Market sources have revealed to PERE that the New York-based real estate investment firm is seeking $650 million in equity commitments for its latest value-added commingled vehicle, Savanna Real Estate Fund III. Following the same investment strategy as Savanna’s previous vehicle, Fund III will target distressed office properties in prime cities such as New York, Washington DC and Boston.
Though Park Hill Real Estate Group acted as placement agent for Savanna’s previous funds, it is unclear if the firm will be doing so for Fund III. Representatives from Savanna declined to comment.
In spring 2011, Savanna closed on $550 million for Savanna Real Estate Fund II, exceeding its original target of $400 million. For its debut institutional fund in 2006, the firm raised $313 million.
Savanna has experienced a considerable amount of success of late in acquiring ‘zombie’ office properties, upgrading them to Class A status and leasing them up. Most notably, the firm acquired and upgraded 80 Broad Street and 100 Wall Street in New York last year.
Savanna launches third fund
The New York-based real estate investment firm is looking to raise $650 million in commitments for Savanna Real Estate Fund III, which will target distressed office properties in prime cities such as New York, Washington DC and Boston.
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