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TH Real Estate acquires prime Manhattan retail condo at 10 Madison Square West from Savanna

New York

TH Real Estate has acquired a retail condominium on the ground floor of 10 Madison Square West in Manhattan, from Savanna.

The 20,619 sq ft (c.1,916 sq m) retail condo is 100% leased to undisclosed national retailers.

"The Flatiron District is one of the most desirable live, work, play areas in Manhattan and is situated in a convenient location on the west side of Madison Square Park," said Todd Rollins, Senior Director at TH Real Estate. "Given its excellent visibility and strong national tenancy, we believe the asset will provide long-term stable income and an excellent return profile and will make a great addition to our urban retail portfolio in New York City."

"Through this transaction with TH Real Estate, we’re pleased to successfully complete the final step of our business plan for this outstanding asset," said Cooper Kramer, Managing Director of Savanna. "We set out to create an institutional-quality, stabilised flagship retail space in this world-class location by leasing 100% of the 16,000 sq ft of vacant space, and the Savanna team achieved a terrific outcome for our investors."

The sale transaction was brokered by a Cushman & Wakefield team led by Adam Spies, Doug Harmon, Adam Doneger and Josh King.

"There has been continued retail strength in the vibrant Madison Square Park / Flatiron submarket, which has become a 24/7 live, work, play neighbourhood," said Adam Doneger, Executive Managing Director at Cushman & Wakefield.

Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. COMP201700242

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