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McDermott Advises Savanna in Twitter Lease Deal

31 Jan 2014

McDermott Will & Emery LLP represented real estate private equity firm Savanna last week in a deal that will lease 140,928-square-feet to social media powerhouse Twitter in its recently renovated technology corridor located in New York’s Chelsea neighborhood.

Savanna purchased the buildings at 245 and 249 West 17th St. in 2012 and immediately renovated them to serve the growing needs of New York’s technology industry. The two separate buildings, which are more than 110 years old, retain their loft design but now offer a brand new lobby and upgraded, modern amenities.

“Savanna’s 17th street building is a state-of-the-art-facility designed with technology giants like Twitter in mind,” said William Stempel, partner in McDermott’s Real Estate Group and lead lawyer on the deal. “The company is one of New York’s leading private equity and asset management firms and McDermott is happy to have helped them anchor this building with such a leading, high-profile tenant.”

The firm’s deal team also included Corporate Advisory associate Amy Fridman.

McDermott Will & Emery’s Real Estate Group counsels clients on all aspects of the acquisition and development of real estate, including the structuring of large, complex acquisitions through development and ultimate disposition. The firm represents landlords and tenants in all facets of office, commercial, retail and industrial leasing transactions, as well as financial institutions and private and institutional investors in multistate and project financing.

Matter Type
Lease/Lettings
Industry
Real Estate & Construction
News Category
Real Estate & Construction