{"id":1004032660,"date":"2011-09-28T05:39:06","date_gmt":"2011-09-28T13:39:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004032660"},"modified":"2022-12-08T11:19:06","modified_gmt":"2022-12-08T19:19:06","slug":"savanna-makes-130m-building-grab-in-nycs-midtown","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/savanna-makes-130m-building-grab-in-nycs-midtown\/","title":{"rendered":"Savanna Makes $130M Building Grab in NYC&#8217;s Midtown"},"content":{"rendered":"<p><strong>September 29, 2011<\/strong><br \/>\n<em>By Nicholas Ziegler, News Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/092811-31-Penn-Plaza.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004032661\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/savanna-makes-130m-building-grab-in-nycs-midtown\/092811-31-penn-plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/092811-31-Penn-Plaza.jpg\" data-orig-size=\"650,748\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1298019693&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"092811 &#8211; 31 Penn Plaza\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/092811-31-Penn-Plaza.jpg?w=650\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/092811-31-Penn-Plaza.jpg\" alt=\"\" title=\"092811 - 31 Penn Plaza\" width=\"260\" height=\"300\" class=\"alignright size-medium wp-image-1004032661\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/092811-31-Penn-Plaza.jpg 650w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/092811-31-Penn-Plaza.jpg?resize=261,300 261w\" sizes=\"auto, (max-width: 260px) 100vw, 260px\" \/><\/a><\/p>\n<p>Savanna, the New York-based firm, has just acquired the 18-story, 440,000-square-foot 31 Penn  Plaza in NYC\u2019s Midtown area. The seller, a joint venture between C&amp;K Properties and Zamir Equities, were represented by Jones Lang LaSalle in the off-market transaction. The sale price was approximately $130.7 million.<\/p>\n<p>\u201cThe neighborhood surrounding Penn Station and Madison Square Garden is a growing mixed-use sub-market with plans for millions of square feet in office, retail, residential and hotel development over the next few years,\u201d Christopher Schlank, managing partner of Savanna, said. \u201cThe improvements we have planned for the building should position 31 Penn Plaza as one of the upper-tier buildings in the neighborhood.\u201d<\/p>\n<p>The surrounding market is one of both new and continued growth. According to a report by CB Richard Ellis, leasing activity has been and will be strong. The second quarter of 2011 topped the five-year quarterly average for leasing by 51 percent, while year-to-date activity is 25 percent ahead of the same period in 2010. Availability continues to fall, dropping to its lowest level since 3Q08, and asking rent rose 4 percent from first-quarter levels.<\/p>\n<p>Located at 132 West 31st St., the building has a number of planned improvements coming its way, as Savanna has planned a $26 million improvement plan to renovate and modernize the facility. The building will continue to push to the forefront of the Class A space, offering up to 160,000 square feet of continuous leaseable space for a single tenant.<\/p>\n<p>Earlier this month, <a href=\"https:\/\/www.commercialsearch.com\/news\/finance\/savanna-begins-65m-acquisition-re-development-of-downtown-nyc%25E2%2580%2599s-80-broad-st\/\">Savanna purchased Manhattan\u2019s 80 Broad St. for $65 million<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Savanna has just acquired 31 Penn Plaza in NYC&#8217;s Midtown area. The seller, a joint venture between C&amp;K Properties and Zamir Equities, let the 18-story, 440,000-square-foot property go for approximately $130 million. <\/p>\n","protected":false},"author":1201,"featured_media":1004032661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742,10,21747],"tags":[],"class_list":["post-1004032660","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Savanna Makes $130M Building Grab in NYC&#039;s Midtown - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/savanna-makes-130m-building-grab-in-nycs-midtown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Savanna Makes $130M Building Grab in NYC&#039;s Midtown\" \/>\n<meta property=\"og:description\" content=\"Savanna has just acquired 31 Penn Plaza in NYC&#039;s Midtown area. The seller, a joint venture between C&amp;K Properties and Zamir Equities, let the 18-story, 440,000-square-foot property go for approximately $130 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/savanna-makes-130m-building-grab-in-nycs-midtown\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-09-28T13:39:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T19:19:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/092811-31-Penn-Plaza.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"650\" \/>\n\t<meta property=\"og:image:height\" content=\"748\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/savanna-makes-130m-building-grab-in-nycs-midtown\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/savanna-makes-130m-building-grab-in-nycs-midtown\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"Savanna Makes $130M Building Grab in NYC&#8217;s Midtown\",\"datePublished\":\"2011-09-28T13:39:06+00:00\",\"dateModified\":\"2022-12-08T19:19:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/savanna-makes-130m-building-grab-in-nycs-midtown\\\/\"},\"wordCount\":261,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/savanna-makes-130m-building-grab-in-nycs-midtown\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2011\\\/09\\\/092811-31-Penn-Plaza.jpg\",\"articleSection\":[\"Featured\",\"News\",\"Northeast\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/savanna-makes-130m-building-grab-in-nycs-midtown\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/savanna-makes-130m-building-grab-in-nycs-midtown\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/savanna-makes-130m-building-grab-in-nycs-midtown\\\/\",\"name\":\"Savanna Makes $130M Building Grab in NYC's Midtown - 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