Vanbarton Closes on 31 Penn Plaza

Vanbarton Group, a privately owned real estate investment and advisory firm launched last month by Gary Tischler and Richard Coles, completed the acquisition of 31 Penn Plaza in New York for $265 million. Savanna sold the 18 story, 450,000 square foot building after paying $130 million for the property in 2011, then adding around $20 million in capital improvements. Douglas Harmon, Adam Spies, Joshua King, Adam Doneger and Michael Saclarides of Eastdil Secured represented Savanna in the sale transaction, according to a citybizlist article. Attorneys Christopher Price and Adam Kopald of Goodwin Procter served as the seller's counsel.

"31 Penn Plaza has been a transformative case study that we are proud of," said Kevin Hoo, Managing Director at Savanna. "Savanna has significantly repositioned the property's infrastructure and tenant profile, and in the process, restored its attraction and reputation in a submarket that has experienced tremendous growth over the past few years. We are grateful to our entire team of partners and service providers who helped us achieve the turnaround."

"Landlords in these buildings are holding out for top dollar and can scrutinize the firms competing for their space more rigorously," said Bill Montana, Savills Studley's senior managing director in a prepared statement. "Class A tenants seeking 10,000 to 40,000 square feet, particularly those who are geographically flexible, have a wealth of options. Informed tenants who do not have a very limited geographical or floor requirement can take a calculated approach to leasing."

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