Savanna secures five leases totaling 45,926 s/f at 31 Penn Plaza

Savanna, a New York-based real estate private equity and asset management firm, announced that it has leased 225,000 s/f at 31 Penn Plaza, an 18-story, 444,000 s/f building, since acquiring the property in 2011. The most recent leasing activity includes five transactions totaling 45,926 s/f. NPD Group, a market research company, will occupy 6,228 s/f on the 4th floor for a ten year term. The tenant was represented by Adam McCostlin and Doug Levine of DTZ in the transaction. Salon Media Group, Inc., which operates the award-winning news site Salon.com, signed a lease for 6,523 s/f on the 6th floor for a five year term. Barry Zeller and Andrew Ross of Cushman & Wakefield represented the tenant. New Audio, LLC, a new high-end brand in the audio space including headphones, earphones and wireless speakers, will occupy 6,370 square feet on the 7th floor for a ten year term. Jason Frazier of CBRE, Inc. represented the tenant. Also on the 7th floor, RevTrax, a marketing technology company, signed a lease for 20,726 s/f for a ten year term. Frazier and Christopher Mansfield, also of CBRE, Inc. represented RevTrax. TRIBUNE 365, an affiliate of Tribune Publishing, will occupy 6,079 s/f on the 3rd floor of the building for a seven year term. The tenant was represented by Robert J. Hill and Timothy B. Hay of CBRE, Inc. Mitchell Konsker, Matthew Astrachan and Matthew Polhemus of Jones Lang LaSalle represented the landlord, Savanna, in all four transactions. "We are pleased to welcome RevTrax, New Audio, Salon Media Group and Tribune Publishing to 31 Penn Plaza," said Brian Reiver, director of leasing at Savanna. "These deals are a testament to the continued transformation of the Penn Plaza area and the influx of new media and tech tenants that find this building and this neighborhood so appealing."