NEW YORK CITY-Real estate private equity firm Savanna has made its second acquisition in Manhattan in as many weeks, acquiring 31 Penn Plaza from a joint venture of Zamir Equities and C&K Properties. According to data from Real Capital Analytics, the approximate sale price was $130.7 million, or $309 per square foot.
Earlier this month, Savanna bought 80 Broad St. and secured a $65.3 million loan for that building. The firm was unable to comment to GlobeSt.com in time for publication.
A $26 million capital campaign at the building will include improvements to the lobby and elevators. As well, an architecture firm has been retained to design new interiors. 31 Penn Plaza, located at 132 W. 31st St., is a 444,000-square foot, 18-story office building that includes up to 160,000-square feet of contiguous space.
Savanna heralded the growing mix of tenants in the area surrounding Madison Square Garden in a release about the acquisition, managing partner Christopher Schlank calling it “a growing mixed-use sub-market with plans for millions of square feet in office, retail, residential and hotel development over the next few years.”
A Jones Lang LaSalle team consisting of Mitchell Konsker, Matthew Astrachan and Matt Polhemus will head the leasing and property management activities at the building once renovations are complete. Jones Lang LaSalle also advised the seller in the off-market transaction. That team was made up of Ron Cohen, Richard Baxter, Scott Latham and Jon Caplan.
“The improvements we have planned for the building should position 31 Penn Plaza as one of the upper tier buildings in the neighborhood,” Savanna’s Schlank said of the capital improvements. “We are excited to add 31 Penn Plaza to our Manhattan office portfolio.”
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