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Savanna and Stellar Management to Joint Venture on 2 Rector Street

April 05 / 2013 

Savanna and Stellar Management to Joint Venture on 2 Rector Street

An affiliate of Savanna will acquire an ownership interest in 2 Rector Street, a 480,000 square-foot office tower in lower Manhattan, and  become Stellar Management’s new partner in the deal.  As part of the joint venture, Stellar will continue to serve as the building’s property manager.
 
New York, NY – August 9, 2012

The strategic recapitalization will provide for new equity to be invested into the building allowing for continued lease-up, capital improvements, and long-term stability of the asset. New capital will be used for future tenant improvements, lobby and common area renovations, elevator modernizations, and a continuation of the building’s successful prebuild leasing program. 

“We were pleased to be able to continue an on-going relationship with Stellar Management and acquire one of Downtown’s most well-regarded office properties,” said a representative from Savanna.  “We’re extremely optimistic about 2 Rector Street’s leasing prospects given the long term growth opportunities in lower Manhattan.”

“Stellar is proud of the work that has been done over the last several years  at 2 Rector Street,” said Adam Roman of Stellar Management. “We are excited to partner with Savanna. This joint venture ensures that 2 Rector Street will continue to offer premier office space in lower Manhattan for years to come,” Mr. Roman added.

In the summer of 2010, Stellar and Savanna launched an aggressive leasing and restoration campaign that has yielded strong results at 2 Rector Street. Today’s move is the latest step in Savanna and Stellar’s efforts to reposition and improve the asset.

2 Rector Street is situated in the heart of the Financial District. Occupying the full blockfront on Rector Street between Greenwich Street and Trinity Place, the building towers above the landmarked Trinity Church. It offers outstanding harbor views that take full advantage of great fenestration resulting from the building’s U-shaped design.  The tenant roster at 2 Rector Street includes renowned architectural, construction, financial service, and law firms, including Daniel Libeskind, Skanska, Five Star Electric, Bank of America Merrill Lynch, and Morris Duffy Alonso & Faley. Ownership will continue to provide custom build-outs to fit individual tenant needs and has a prebuild program of high-end turnkey suites.

 

About Stellar Management

For over 25 years, Stellar Management has acquired and improved properties across the country. Founded by Laurence Gluck, Stellar has built its track record on ownership, management, and revitalization of rental housing and office buildings in metropolitan areas on the East and West Coasts of the United States. Stellar Management is an owner-manager of over two million square feet of office space and apartment homes in New York City, Metro Washington D.C., San Francisco, and South Florida. Stellar Management has management teams based in New York, Metro DC and San Francisco.