By Eric Curl
Oct. 1, 2023 – Another prominent office building in Savannah’s downtown Historic District was recently sold, with the buyer paying almost double the closing cost of the 10-story structure in late 2017.
A subsidiary of Arlington, VA-based Northridge Capital sold the historic Realty Building at 24 Drayton St. for $14.2 million on Sept. 14, according to public records. Northridge did not immediately respond to a request for comment made Tuesday.
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The building’s buyer, New York-based Teton Tanya LLC, was formed in April by Paul Xuereb, according to state business records. Xuereb is a property manager with New York-based Tri-Star Equities, where his role includes “attentive and individualized care” to select buildings and their owners and strategic planning of building projects, upgrades and upkeep, according to the company’s website. Teton Tanya also shares an address with one of Tri-Star’s New York offices. Xuereb did not immediately respond to a request for comment made Tuesday.
Constructed in 1924, the Realty Building between Johnson and Reynolds Square was added as a contributing resource within the downtown Historic District in 1985.
The sale comes about six years since Northbridge purchased the building in Nov. 2017 for $7.9 million. At the time the building building had achieved a 96.98% occupancy to a diverse mix of 18 tenants, according to a press release regarding the acquisition. Some of the tenants currently include Ameris Bank, JE Dunn Construction and the Law Offices Of Daniel C. Jenkins, along with Aleksandra’s Gift Shop on the ground level.
The sale follows the recent sale of two other downtown office buildings. New York-based LEFT LANE is converting the Manger building at Johnson Square from office building into a hotel, the historic building’s original use, as previously reported. In addition, Marriott recently acquired the HunterMaclean building at 200 East Saint Julian St.
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