Savanna, a New York-based development company, recently landed $264 million in financing to complete 141 Willoughby Street, a 24-story commercial tower underway in Downtown Brooklyn. Designed by Fogarty Finger with SLCE Architects, the property will yield 400,000 square feet of office and retail space.
The finance package includes funds managed by CarVal Investors. JLL advised Savanna on the transaction.
“The downtown Brooklyn neighborhood continues to attract businesses through its outstanding access to employee talent, fed by incredible transit connectivity and proximity to many of Brooklyn’s most desirable residential addresses,” said Cooper Kramer, managing director at Savanna. “We see great potential for continued growth in the neighborhood and are confident that modern, high-quality, newly constructed office and retail space designed with a specific focus on health and wellness will be well received by the market.”
Described as Savanna’s signature project, the office spaces will have impressive ceiling spans and full-floor windows with 360-degree views and abundant natural light. The building will also feature a pair of outdoor terraces above the ninth and 19th floors.
The building is expected to meet LEED Gold certification and Well Silver certification. To improve indoor air quality, the HVAC system incorporates carbon filtration, ultraviolet lighting within duct systems to improve purification, humidification upgrades, MERV 13 filtration, and increased motor size to accelerate the flow of air and overall circulation.
Construction broke ground in the fourth quarter of 2020. The project team has not announced an official completion date, though sometime in 2022 is likely.