Savanna, a New York-based real estate private equity firm, announced the acquisition of 132 W. 31st St., an office building near Madison Square Garden and Penn Station in Manhattan, according to a Crain's New York Business article. Jones Lang LaSalle advised the Seller, a joint venture between C&K Properties and Zamir Equities, in the off-market transaction. Savanna has appointed Jones Lang LaSalle as the leasing and property management team lead by JLL's Mitchell Konsker, Vice Chairman, along with Matthew Astrachan, Vice Chairman, and Matt Polhemus, Associate.
"We are excited to add 31 Penn Plaza to our Manhattan office portfolio," said Christopher Schlank, a managing partner of the firm, in a statement. "The 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."
Savanna's renovation plans include a brand new entrance and lobby, upgraded elevators and other maintenance additions to the property.
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