CBRE signs 60,000 s/f in office leases at Savanna's 104 West 40th Street

Savanna has signed over 60,000 s/f of new office leases at 104 West 40th St., a class A office building located next to Bryant Park. The 210,000 s/f office building was acquired by Savanna in August 2010. Leasing and marketing for the property is led by Paul Amrich, Michael Movshovich, and Neil King of CB Richard Ellis (CBRE). The 60,000 s/f is comprised of the two tenant spaces filling the concourse, 2nd, 3rd, and 4th floors. TKP New York, Inc., a Japan-based company that delivers state-of-the-art conference and meeting facilities to a wide variety of users, has signed a 10-year lease for a combined 31,947 s/f on the concourse level and 2nd floor with a dedicated private entrance on 39th St. The company was represented by Joseph Mangiacotti and Masahiro Tanaka of CBRE. Daytop Village Foundation, who will be relocating from their current offices at 54 West 40th St., has leased the 3rd and 4th floors comprising a total 29,988 s/f. Daytop will have their corporate office headquarters in the building. Daytop was represented by Jamie Covello and Brad Jones of Cushman & Wakefield. Savanna was represented by Arthur Zagorsky and William Weisner of Tarter Krinsky & Drogin LLP. "Our recent success in leasing this large block of space at the base of the building plays in perfectly with Savanna and CBRE's goals for repositioning the property in the marketplace. TKP and Daytop are ideal tenants for this portion of the building and show the market that ownership is ready, willing, and able to sign deals at current market terms," Paul Amrich, executive VP, CBRE. "We are currently in discussions with a number of tenants with full or multi-floor requirements." Since 2007, building ownership has invested nearly $5 million in major base building upgrades, including a newly redone plaza entrance on 40th Street, a renovated lobby including a commissioned modernist mural by Sarah Morris, and new elevator cabs. Since acquiring the building in 2010, Savanna has continued to invest in the property as it has demolished vacant spaces, built a marketing floor on the 4th floor, and designed and built a full floor suite on the 6,600 s/f 19th floor available for lease. In addition, Savanna has launched a significant capital program including upgrades to the building HVAC system and the building envelope, along with the installation of full building sprinkler infrastructure.