Savanna, Monday Properties do $30M Park Avenue South building upgrade

April 28, 2011 01:43PM

Real estate investment firms Savanna and Monday Properties are launching a $30 million capital improvement for a 20-story, 260,000-square-foot commercial building on Park Avenue South. The owners’ plan for 386 Park Avenue near 27th Street includes renovations for the building’s lobby, windows, elevators, restrooms and heating and cooling systems, and the property will undergo a new marketing and leasing program. The upgrades coincide with two new availabilities that Savanna and Monday are hoping to fill. There’s an 8,600-square-foot prebuilt space just completed on the eighth floor that’s ready for immediate occupancy and 65,000 square feet of available space across five contiguous floors in the building. The 65,000-square-foot space previously housed architect firm Blumberg and Butter, which moved elsewhere in the building, and Belden Brick Sales & Services, a holdover tenant that vacated in the fall. In January, the ownership pair secured a $58 million loan to fund the upcoming improvements and Chase renewed its lease for the 12,000-square-foot ground floor retail location. TRD

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