The Real Deal New York

TIAA-CREF buys 21 Penn Plaza from Savanna, Feil

Nearly 400K-square-foot property hit market in July for $250M
November 19, 2014 11:30AM

Financial services giant TIAA-CREF acquired a 16-story office building at 21 Penn Plaza in Midtown from Savanna and the Feil Organization for an undisclosed price, according to the buyer. 

The 378,547-square-foot property hit the market in July for $250 million, as previously reported. The building is 98 percent occupied, with roughly 225,000 square feet in leases signed recently.

Robert Knakal of Massey Knakal Realty Services represented the sellers in the deal. Savanna, led by Chris Schlank, and Feil jointly paid $137.5 million for the property in 2011.

In 2012, TIAA-CREF purchased a $250 million, 49 percent stake in New York by Gehry, as previously reported. Mark Maurer