NEW YORK CITY-After buying up 31 Penn Plaza just two weeks ago, a joint venture between Savanna and the Feil Organization has acquired 21 Penn Plaza, a 17-story, 375,000-square-foot building next store for $137 million from seller GHG Realty. The transaction marks the second deal for the JV in the Penn Station-area this quarter.
Christopher Schlank, a managing partner at Savanna, says the office building was a “compelling investment” for the JV, as the firms anticipate a strong reemergence of office, retail and multifamily activity on Manhattan’s West Side within the next five years. “Savanna and Feil are pleased to add 21 Penn Plaza to our respective office portfolios in the rapidly evolving Penn Station neighborhood,” he says, in a statement. “We look forward to a successful relationship.”
The property--located at 360 W. 31st St.--is currently 95% occupied by tenants such as Saks & Co., Central Parking, Langan Engineering and Joseph Loring & Associates. With the new ownership now in place, the JV will create pre-built units and upgrade common corridors and bathrooms as leases roll. The team will also implement base building improvements such as elevator and chiller modernizations over the next several years.
The JV retained Feil-affiliate Jeffery Management Corp. as property manager and leasing agent for the building; vice presidents Brian Feil and David Turino will lead the leasing efforts for the property.
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