Hunton & Williams Represents Savanna in Sale of 5 Hanover Square

NEW YORK — August 22, 2013 — The real estate practice group of Hunton & Williams LLP advised Savanna Fund II REIT in the $104 million sale of 5 Hanover Square to the CIM Group. The transaction closed on August 22.

The 25-story building, located on the northern side of Hanover Square between Pearl and Beaver Streets in Manhattan's Financial District, contains approximately 330,000 square feet, including approximately 7,500 square feet of retail on the ground floor. Savanna obtained control of the building after it purchased the mortgage on the property during the economic downturn. The sale is the second transaction in the last three months in which Savanna has sold property to CIM Group. In June, Savanna sold 2 Rector Street, a full block in Lower Manhattan that includes a 26-story office property and 466,000 square feet of rentable space, to CIM Group and Kushner Companies.

The New York-based Hunton & Williams team was led by Carl Schwartz, co-chair of the firm’s real estate practice, partner Laurie Grasso, and Susan Saslow.

The Hunton & Williams real estate practice group advises clients on matters involving the full spectrum of commercial, industrial, retail, multifamily, hospitality and mixed-use properties, as well as counseling global private equity, opportunity, and hedge funds in all aspects of real estate investments.

About Hunton & Williams LLP

Hunton & Williams LLP provides legal services to corporations, financial institutions, governments and individuals, among other entities. Since our establishment more than a century ago, Hunton & Williams has grown to more than 800 lawyers serving clients in 100 countries from 19 offices around the world. Our practice has a strong industry focus on energy, financial services and life sciences, and our experience extends to practice areas including bankruptcy and creditors' rights, commercial litigation, corporate transactions and securities law, intellectual property, international and government relations, real estate, regulatory law, products liability, and privacy and data security.