Peter Sabesan and Richard Selig of CBC Advisors Represented Top New York Insurance Provider in Long-Term Renewal
The New York office of CBC Advisors, the largest Coldwell Banker Commercial affiliate globally, along with Savanna, a New York-based real estate investment and development firm, and its joint venture partner KBS Strategic Opportunity REIT (“KBS”), a public non-traded real estate investment trust based in Newport Beach, Calif., announced a lease renewal with Lovell Safety Management Co., LLC at 110 William Street.
The tenant renewed for 25,398 square feet on the 12th floor of the property, a 32-story, 928,000 square-foot office tower in the Financial District, for a 10 year term. Peter Sabesan and Richard Selig of CBC Advisors represented Lovell Safety Management, while Savanna handled the renewal in-house.
“This lease renewal positions Lovell Safety Management in a superior and prominent location for continued success,” said Sabesan, who has represented Lovell Safety Management for the last 30 years.
For over seven decades, Lovell Safety Management has provided comprehensive solutions for workers' compensation insurance, serving as the largest, oldest and most successful safety group administrator in New York.
“We are very pleased that Lovell Safety Management, a longtime existing tenant, has renewed their lease at 110 William,” said Brian Reiver, Director of Leasing at Savanna. “Their commitment to the property is a reflection of the work that Savanna and KBS completed to enhance the tenant experience at 110 William so that it is a great place for companies across industries to work and grow.”
After acquiring the property in 2014, Savanna and KBS implemented a capital improvement program including a new lobby and entrance, renovated roof and façade, new pre-built office spaces, and upgraded bathrooms and corridors throughout the building. Since acquisition, the joint venture partnership has signed more than 95,000 square feet of new and renewal leases.
About Savanna
Formed in 1992, Savanna is a real estate investment and development firm based in New York City and run by Managing Partners Christopher Schlank and Nicholas Bienstock. The firm pursues opportunistic real estate equity and debt asset investments throughout the northeastern United States, with a particular focus on owning and operating properties in New York City. The firm’s equity investments target superior risk-adjusted returns by adding value through asset management and/or property development, redevelopment, and repositioning. Savanna also selectively invests in real estate debt instruments that have the potential to generate equity-like returns, including preferred equity instruments, high yield bridge and mezzanine loans, and B-notes. Since 2006, Savanna has invested more than $2.9 billion in total capital across nearly 14 million square feet of real property.
About Coldwell Banker Commercial Advisors
Coldwell Banker Commercial Advisors (CBC Advisors), the largest Coldwell Banker Commercial affiliate globally, has maintained its designation as the top-performing Coldwell Banker Commercial affiliate in the world for 13 consecutive years. With over 500 professionals in 29 offices spanning New York City to Los Angeles and from Miami to Anchorage, CBC Advisors provides the most technologically advanced and dynamic platform in the industry. For more information visit www.cbcadvisors.com.
