{"id":1004719251,"date":"2024-06-28T07:31:59","date_gmt":"2024-06-28T15:31:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004719251"},"modified":"2024-06-28T07:32:01","modified_gmt":"2024-06-28T15:32:01","slug":"savanna-inks-renewal-at-manhattan-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/savanna-inks-renewal-at-manhattan-office-tower\/","title":{"rendered":"Savanna Inks Renewal at Manhattan Office Tower"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/7973-e1719561899722.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004719252\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/savanna-inks-renewal-at-manhattan-office-tower\/attachment\/7973\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/7973-e1719561899722.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" 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;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&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;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"360 Lexington\" data-image-description=\"&lt;p&gt;360 Lexington&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;360 Lexington&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/7973-e1719561899722.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/7973-e1719561899722.jpg\" alt=\"360 Lexington\" class=\"wp-image-1004719252\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/7973-e1719561899722.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/7973-e1719561899722.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">360 Lexington rises 24 stories in Manhattan&#8217;s neighborhood of Murray Hill.<em> Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Savanna has signed a 15,379-square-foot lease renewal at 360 Lexington Ave., a 268,383-square-foot office tower in Midtown Manhattan. Kenneth Park Architects will continue to fully occupy the seventh floor. CBRE\u2019s Senior Vice President Steve Eynon represented the tenant.<\/p>\n\n\n\n<p>Kenneth Park Architects first moved in the space in 1996. Since then, Eynon represented the tenant on five different occasions, including both expansions and renewals at the property.<\/p>\n\n\n\n<p>Other notable tenants include Plaza Construction, MMGY Global, Storeboards Media and CaringKind among others, according to CommercialEdge.<\/p>\n\n\n\n<p>The 24-story office property came online in 1959. It includes six passenger elevators, 15,242-square-foot floor plates and 10,000 square feet of retail space, according to the same source. <\/p>\n\n\n\n<p>Savanna acquired it in 2019 from seller AEW Capital Management for $180 million. Since then, it renovated various aspects of the building, including a new lobby and upgraded elevators. On-site amenities include an eat-in pantry, an open area on the 4th floor, glass-front offices and an open workspace area on the 9th floor.<\/p>\n\n\n\n<p>The Murray Hill office asset is close to Grand Central Terminal and to Bryant Park, 4 miles from Upper West Side, 5 miles from the Financial District, 9 miles from LaGuardia Airport and within 15 miles of John F. Kennedy International Airport.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-slight-drop-in-manhattan-s-office-vacancy-rate\">A slight drop in Manhattan&#8217;s office vacancy rate<\/h2>\n\n\n\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/office-sector-adapts-amid-market-shifts\/\">Manhattan&#8217;s office vacancy<\/a> stood at 16.2 percent as of May, down 80 basis points year-over-year, a recent CommercialEdge report shows. The borough&#8217;s rate was below the 17.8 percent national figure, but higher than other Northeastern markets, such as Boston (12.1 percent) and Philadelphia (15.3 percent).<\/p>\n\n\n\n<p>Recent office lease deals included Brighton Park Capital Management&#8217;s 16,428-square-foot, 10-year <a href=\"https:\/\/www.commercialsearch.com\/news\/investment-firm-signs-lease-at-manhattan-trophy-tower\/\">lease at 452 Fifth Ave<\/a>. A subsidiary of Discount Investment Corp. owns the 30-story, 616,352-square-foot office tower totals.<\/p>\n\n\n\n<p>Asset management company Quest Partners signed a 13,284-square-foot, 11-year deal, <a href=\"https:\/\/www.commercialsearch.com\/news\/quest-partners-to-relocate-manhattan-offices\/\">relocating its offices <\/a>at 110 E. 59th St., a 612,181-square-foot office building. The tenant will fully occupy the entire 36th floor at the Jack Resnick &amp; Sons-owned building.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kenneth Park Architects has been a tenant since 1996.<\/p>\n","protected":false},"author":2991,"featured_media":1004719252,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[32789,38018,44417],"class_list":["post-1004719251","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-cbre","tag-savanna","tag-savanna-real-estate-fund"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Savanna Inks Renewal at Manhattan Office Tower - 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