The tallest building in Queens— and New York State outside of Manhattan— has a new owner.
Savanna, a real estate investment firm, announced on Monday that together with a partnering company it acquired a controlling interest in One Court Square, the 51-story building in Long Island City occupied by Citibank.
“We are thrilled to announce the acquisition of this terrific asset in Long Island City,” said Nicholas Bienstock, managing partner of Savanna. “One Court Square not only features attractive building amenities and convenient transportation access, but is also located in the heart of Long Island City, which has transformed over the past 10 years into one of the most attractive up-and-coming residential and office markets in the city.”
The group of investors led by David Werner, who previously owned the 1.5 million-square-foot building, will remain a smaller partner of the building.
Savanna did not release the price it paid for the tower, but Crain’s reported that the purchase would have been a much greater value than the nearly $500 million that Werner paid for it in 2011.
One Court Square was designed by Skidmore, Owings & Merrill LLP, and built by Turner Construction in 1989.