[Updated at 4:30 p.m.] New York-based real estate private equity and asset management firm Savanna has acquired 31 Penn Plaza, an 18-story, 444,000-square-foot, multi-tenant office building at 132 West 31st Street, between Sixth and Seventh avenues, the company announced today. CoStar told Crain’s that the transaction was worth $130 million.
The building, which offers full-floor office space of about 27,000 square feet per floor, will undergo $26 million in capital improvements to update the building and lease the available office space, Savanna said, including a new front entrance and fully renovated lobby.
“The neighborhood surrounding Penn Station and Madison Square Garden is a growing mixed-use submarket with plans for millions of square feet in office, retail, residential and hotel development over the next few years,” said Christopher Schlank, a managing partner of Savanna. “The improvements we have planned for the building should position 31 Penn Plaza as one of the upper tier buildings in the neighborhood.” — Katherine Clarke … [more]