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New York

TIAA-CREF buys 21 Penn Plaza from Savanna, Feil

Nearly 400K-square-foot property hit market in July for $250M

From left: 21 Penn Plaza in Midtown, Savanna's Chris Schlank and TIAA-CREF's Roger Ferguson
From left: 21 Penn Plaza in Midtown, Savanna's Chris Schlank and TIAA-CREF's Roger Ferguson

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.

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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

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Feil OrganizationTiaa-cref