Successful Sale of 5 Hanover Square in Manhattan’s FiDi Neighborhood
Bob Knakal and his team successfully closed the sale of 5 Hanover Square, an office property located in the heart of Manhattan’s Financial District (FiDi). The property was sold by Rick Lyon of Capital One Bank to Chris Shlank of Savanna Partners for $51,500,000.
The sale, finalized on September 30, 2010, was a significant achievement, with the buyer securing a prime office asset in a highly sought-after area. Bob’s strategic guidance and expertise ensured a smooth transaction and a successful outcome for the seller.
Sale Details
The office building at 5 Hanover Square, with a total size of 300,000 square feet, sold for $51,500,000, reflecting a price of $171.67 per square foot. Capital One Bank was the seller, and Savanna Partners, represented by Chris Shlank, was the buyer. Bob Knakal’s team worked closely with both parties to ensure the sale was completed efficiently and with favorable terms for the seller.
- Sale Price: $51,500,000
- Seller: Capital One Bank (Rick Lyon)
- Buyer: Savanna Partners (Chris Shlank)
- Seller Type: Institutional, Bank
- Property Type: Office
- Sale Date: September 30, 2010
- Property Address: 5 Hanover Square, New York, NY 10004
- Building Size: 300,000 SF
- Price per SF: $171.67
Property Details
5 Hanover Square is a prime office building situated in the FiDi neighborhood of Manhattan. With its central location, the property attracted significant attention from potential buyers. The 300,000-square-foot building was a valuable asset in a market that continues to see demand for office space in prime locations.
The Client: Capital One Bank
Rick Lyon of Capital One Bank had established a long-term relationship with Bob Knakal and his team. As a trusted advisor, Bob provided consistent market insights, helping the bank navigate the sale of 5 Hanover Square. The transaction marked another successful collaboration between Bob and the bank, highlighting his deep understanding of institutional real estate transactions.
Market Strategy and Successful Outcome
Bob and his team leveraged their in-depth knowledge of the Manhattan real estate market, particularly in FiDi, to position 5 Hanover Square as a highly attractive asset. Their strategic approach resulted in a strong offer and a smooth closing process, meeting the seller’s goals and expectations.
Neighborhood Overview
- FiDi (Financial District) is one of Manhattan’s most dynamic commercial hubs.
- Known for its thriving financial sector, the area houses major financial institutions and corporate headquarters.
- Prime location for office and mixed-use developments, offering a blend of commercial and residential spaces.
- Attractive to businesses due to its proximity to key transportation hubs, including ferry terminals, subway lines, and PATH.
- Popular for its historic architecture, including landmarks like the New York Stock Exchange and Wall Street.
- Offers easy access to Lower Manhattan’s amenities, including dining, retail, and cultural venues.
- Sought-after by investors due to strong demand for office spaces and continued urban development..
Conclusion
The sale of 5 Hanover Square is a testament to Bob Knakal’s ability to successfully represent institutional clients and secure favorable terms in complex transactions. Through his expertise and commitment, Bob helped Capital One Bank achieve an outstanding result.
Testimonial
“We have always enjoyed a great relationship with Bob Knakal and his team. Bob has been a great friend to the bank and his performance on the sale of 5 Hanover was outstanding.” – Rick Lyon, Capital One Bank
Learn More About New York Real Estate Office Buildings
Explore more of our remarkable deals in our exclusive online magazine featuring FiDi, Manhattan and surrounding area Office Buildings.
