Savanna, the New York-based real estate private equity and asset management firm, arranged the sale of 31 Penn Plaza to Vanbarton Group LLC. Douglas Harmon, Adam Spies, Joshua King, Adam Doneger and Michael Saclarides of Eastdil Secured represented Savanna in the sale transaction. Attorneys Christopher Price and Adam Kopald of Goodwin Procter served as the seller's counsel.
31 Penn Plaza is an 18-story, 444,000 s/f office building located at 132 West 31st St. between 6th and 7th Aves. The property is at the heart of the Penn Plaza District, within blocks of numerous transportation hubs including Penn Station, Herald Square, Port Authority and Grand Central Station.
Savanna acquired 31 Penn Plaza in 2011 and completed a $20 million renovation including redesigning the lobby, security infrastructure and entrance, modernizing the elevators, restoring the façade, upgrading common areas and adding retail amenities. Savanna signed a total of 260,000 square feet of leases at the property during its ownership. Additionally, three new restaurants, Friedman's, Pennsylvania Six and Dee Daa, opened at the building, significantly improving the street presence.
Mitchell Konsker, Matthew Astrachnan and Matthew Polhemus of Jones Lang LaSalle led office leasing efforts at the property, while Amy Zhen (formerly of Newmark Grubb Knight Frank, now with Jones Lang LaSalle) and Marc Frankel of Newmark Grubb Knight Frank leased the retail space.
"31 Penn Plaza has been a transformative case study that we are proud of," said Kevin Hoo, Managing Director at Savanna. "Savanna has significantly repositioned the property's infrastructure and tenant profile, and in the process, restored its attraction and reputation in a submarket that has experienced tremendous growth over the past few years. We are grateful to our entire team of partners and service providers who helped us achieve the turnaround."
Midtown West continues to transform, with millions of square feet of ongoing new development in progress including Related's Hudson Yards, Brookfield's Manhattan West, and the planned redevelopment of Penn Station. The submarket has increasingly attracted tenants who want to be located in the path of progress, including many firms in the technology, advertising, media and information sectors. 31 Penn Plaza is at the center of this changing neighborhood.
"The property is well positioned for the future," added Hoo. "We congratulate Vanbarton on a successful transaction and believe that they will continue to profit from all of the positive trends in the area." Tags: