Savanna signs four new leases totaling 18,000 s/f

Savanna has signed four new leases totaling 18,000 s/f at 5 Hanover Sq. Located in the Financial District, this 25-story, 333,000 s/f multi-tenant office building was purchased by Savanna in September 2010. Savanna has been investing in base building upgrades and designed pre-built units since its purchase. The Law Offices of Barry Cohen, who was represented by Dennis Someck of George Comfort & Sons, has signed a 10-year lease for 4,500 s/f on the 16th floor. Thivierge & Rothberg, also a law firm, has signed a 10-year lease for 2,900 s/f on the 12th floor and was represented by Barry Finkelman of CBRE. Magna Group, an advertising agency, who was represented by Josh Winslow of Winslow & Company, has signed a seven-year deal for 2,900 s/f on the 21st floor. The agency will occupy space that is completely built out with new base building standards and finishes. The new tenants join Odyssey Financial Technologies, an existing tenant which recently expanded into 7,500 s/f on the 20th floor in a new 10-year lease. "We are pleased to welcome these new tenants to 5 Hanover Sq. These leases show a confidence in the ownership of the building and the excellent amenities the property offers," said Christopher Schlank, a managing partner of Savanna. Savanna is in the final stages of its comprehensive capital improvement plan at 5 Hanover, which includes bathroom and hallway renovations, elevator and major building system upgrades, minor cosmetic improvements to the recently renovated lobby, along with pre-built suites ranging from 1,500 to 5,000 square feet. The property has undergone over $24 million of renovations and upgrades since 2003. Frank Cento of Cushman and Wakefield represented ownership in the transactions.