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New York

Vanbarton Group to buy 31 Penn Plaza ground lease for $270M

Savanna paid $130 million for the property in 2011

From left: Nicholas Bienstock and Christopher Schlank (Credit: Steve Friedman) and 31 Penn Plaza
From left: Nicholas Bienstock and Christopher Schlank (Credit: Steve Friedman) and 31 Penn Plaza

The newly-formed Vanbarton Group is off to a hot start –– the firm has signed a contract to buy the ground lease at 31 Penn Plaza for $270 million.

Savanna is selling the leasehold, according to the New York Post. Vanbarton is helmed by Richard Coles and Gary Tischler. The 1997 ground lease runs through 2046. It also includes two 10-year options to buy the ground, the first of which commences on December 31, 2018 for about $30 million, according to the Post.

Eastdil Secured’s Douglas Harmon and Adam Spies marketed the site, according to the newspaper.

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Savanna paid $130 million for the ground lease in 2011 and renovated the 450,000-square-foot building. News emerged in June that Savanna had been trying to unload 31 Penn Plaza.

Vanbarton earlier this week leased Studio Square in Astoria to WeWork. [NYP] — Claire Moses

 

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