Fresh off a $335-million sale in Manhattan, Savanna is placing a big bet on Long Island City.
The firm acquired a controlling interest in the 51-story office tower One Court Square from an investor group led by David Werner for an undisclosed amount.
Werner and his partners, who had bought the property from SL Green for $500 million in 2011, will retain a share in the 1.5-million-s/f building.
One Court Square is the tallest tower in New York City outside of Manhattan.
For Savanna, which declined to comment for this article, the deal seems to indicate a growing focus on the outer boroughs. In January, the firm had bought a development site at 141 Willoughby Point in Downtown Brooklyn, also for an undisclosed amount.