HOUSTON, TX, January 9, 2025: HVS Brokerage & Advisory announces the sale of the Johnson Square Business Center, located at 2 & 14 East Bryan Street, Savannah, Georgia 31401.
The historic property was purchased by The Montford Group, based in Charleston, South Carolina, and Opterra Capital, based in Boca Raton, Florida, from Expansive, based in Chicago, Illinois. New ownership plans to convert the asset to a Ritz-Carlton hotel.
Matt Goebel, Director of Acquisitions at Expansive, commented, “Eric and the HVS Team ran an excellent marketing process that resulted in a competitive bidding process. This led to a successful outcome, despite it being a complex transaction in a challenging capital markets environment. The HVS team provided valuable assistance and guidance throughout each stage of the transaction. We look forward to the opportunity to work with them again in the future.”
Located at the northeast corner of Bull Street and East Bryan Street, the historic office building at 2 East Bryan is one of the tallest buildings in Downtown Savannah, soaring 15 stories tall. Directly to the east of this building is the attached ten-story office building at 14 East Bryan, which was constructed in 1976. Corporate and government demand generators in the area include Gulfstream Aerospace Corporation, International Paper, JCB, Imperial Sugar, Mitsubishi Power Systems Americas, the Port of Savannah, Wayfair, Inc., Fort Stewart, and Hunter Army Airfield. Leisure demand generators in the area include Bay Street, River Street, City Market, The Olde Pink House, Collins Quarter at Forsyth, City Hall, the Historic Savannah Theatre, the beaches at Tybee Island, Forsyth Park, and the Savannah History Museum. Additionally, Savannah is a walkable city with tourists visiting to see local architecture, as well as the many public parks, squares, and monuments.
“We are pleased to have represented Expansive in the sale of the iconic Johnson Square Business Center, the tallest building in Downtown Savannah. This complex sale required us to secure a developer with the expertise to manage the adaptive reuse of a historic building, while it remained occupied by several office tenants.
Leveraging our offices in Atlanta, Houston, and Los Angeles, we executed a targeted marketing strategy, approaching a select group of national hotel developers. We utilized our firm’s extensive data and relationships to present a compelling business plan for the building's repositioning. Given the property's prime location and the high-barriers-to-entry submarket, the project garnered significant interest.
The Montford Group and Opterra Capital navigated several challenges throughout the process and demonstrated transparency in their due diligence. We look forward to seeing this building transformed into a Ritz-Carlton,” said Eric Guerrero, Senior Managing Director, Partner of HVS Brokerage & Advisory.
Eric Guerrero, HVS’s Brokerage & Advisory Senior Managing Director and Partner, led this transaction. Jennifer Stein Real Estate, Inc., a licensed Georgia real estate broker, served as broker of record for HVS Brokerage & Advisory.
Media Contact:
Lizzette Casarin
Senior Marketing Director
[email protected]
+1 (720) 244-7620
The historic property was purchased by The Montford Group, based in Charleston, South Carolina, and Opterra Capital, based in Boca Raton, Florida, from Expansive, based in Chicago, Illinois. New ownership plans to convert the asset to a Ritz-Carlton hotel.
Matt Goebel, Director of Acquisitions at Expansive, commented, “Eric and the HVS Team ran an excellent marketing process that resulted in a competitive bidding process. This led to a successful outcome, despite it being a complex transaction in a challenging capital markets environment. The HVS team provided valuable assistance and guidance throughout each stage of the transaction. We look forward to the opportunity to work with them again in the future.”
Located at the northeast corner of Bull Street and East Bryan Street, the historic office building at 2 East Bryan is one of the tallest buildings in Downtown Savannah, soaring 15 stories tall. Directly to the east of this building is the attached ten-story office building at 14 East Bryan, which was constructed in 1976. Corporate and government demand generators in the area include Gulfstream Aerospace Corporation, International Paper, JCB, Imperial Sugar, Mitsubishi Power Systems Americas, the Port of Savannah, Wayfair, Inc., Fort Stewart, and Hunter Army Airfield. Leisure demand generators in the area include Bay Street, River Street, City Market, The Olde Pink House, Collins Quarter at Forsyth, City Hall, the Historic Savannah Theatre, the beaches at Tybee Island, Forsyth Park, and the Savannah History Museum. Additionally, Savannah is a walkable city with tourists visiting to see local architecture, as well as the many public parks, squares, and monuments.
“We are pleased to have represented Expansive in the sale of the iconic Johnson Square Business Center, the tallest building in Downtown Savannah. This complex sale required us to secure a developer with the expertise to manage the adaptive reuse of a historic building, while it remained occupied by several office tenants.
Leveraging our offices in Atlanta, Houston, and Los Angeles, we executed a targeted marketing strategy, approaching a select group of national hotel developers. We utilized our firm’s extensive data and relationships to present a compelling business plan for the building's repositioning. Given the property's prime location and the high-barriers-to-entry submarket, the project garnered significant interest.
The Montford Group and Opterra Capital navigated several challenges throughout the process and demonstrated transparency in their due diligence. We look forward to seeing this building transformed into a Ritz-Carlton,” said Eric Guerrero, Senior Managing Director, Partner of HVS Brokerage & Advisory.
Eric Guerrero, HVS’s Brokerage & Advisory Senior Managing Director and Partner, led this transaction. Jennifer Stein Real Estate, Inc., a licensed Georgia real estate broker, served as broker of record for HVS Brokerage & Advisory.
About HVS Brokerage & Advisory
The Brokerage & Advisory division is a specialized group within HVS that offers services related to investment sales and capital markets, focused exclusively on the hospitality industry. With a global footprint and over 35 offices nationwide, HVS’s hospitality intelligence and extensive expertise will help you achieve the results you want.Media Contact:
Lizzette Casarin
Senior Marketing Director
[email protected]
+1 (720) 244-7620