Savanna to buy 21 Penn Plaza for $137M

From top: Savanna managing partners Christopher Schlank and Nicholas Bienstock and 21 Penn Plaza

New York-based real estate investor Savanna formed a partnership with the Feil Organization to purchase the office building known as 21 Penn Plaza for $137 million, the New York Post reported, marking another acquisition for the active firm.

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Last month Savanna picked up nearby 31 Penn Plaza for $130 million. It’s also acquired 100 Wall Street, 80 Broad Street, 386 Park Avenue South, 104 West 40th Street, 1375 Broadway and 5 Hanover Square through a $550 million real estate investment fund it closed in April.

The most recent acquisition at 360 West 31st Street near Ninth Avenue has 375,000 square feet and is 95 percent leased, although many are set to expire in the next five years. Public records show the 16-story building has been owned by GHG Realty Company for at least 25 years. The building was managed by SL Green Realty which inked tenants such as Amtrak, Amerigroup and Extended Nursing Personnel. [Post, 2nd item]

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