Major Capital Improvements ProgramAttracts Leading Flex Office Provider to Landmark Office Property in the Heart of the NoMad District
Savanna, a New York City-based real estate investment manager, owner/operator and developer, today announced that Knotel, the agile workspace provider, signed a seven-year, 23,000-square-foot lease at 31 West 27th Street, a 12-story, 144,500 square foot office and retail buildinglocated in the heart of NoMadon 27th Street between Broadway and Sixth Avenue.The Beaux-Arts style building, featuring paneled limestone and cast-iron columns, is situated in the midst of one of Manhattan’s most exciting neighborhoods, two blocks from Madison Square Park and within walking distance of multiple subway lines as well as fine restaurants, premier hotels andmajor retailers.
“31 West 27th Street offers a rare combination of attributes – an incredibly strong location in one of Manhattan’s best office neighborhoods, and a historic look and feel that tenants desire,” said Brian Reiver, Managing Director of Savanna. “Knotel’s commitment speaks to the property’s allure to tenants across industries, which we believe will be even further strengthened by the improvements Savanna is making to the building.”
Savanna is currently undertaking a comprehensive capital improvement plan at 31 West 27th Street to further elevate the property within the NoMad submarket, including renovations of the lobby, building systems, façade, roofsand sidewalk vault. Savanna is also renovating and repositioning the retail storefront to improve the building’s street presence as well as the overall tenant and visitor experience.
“We are thrilled to welcome Knotel to our tenant roster at 27th Street as we think it further enhances an already strong, diverse, and creative tenant base, and confirms Savanna’s vision for this building,” noted Patrice Meagher, a Senior Vice President in the Brokerage Services Group at CBRE’s Manhattan office.
Originally constructed in 1910, 31 West 27th Street is a loft-style building with superior physicalcharacteristics including open floor plates of 11,578 square feet, generous 12’6” to 14’ barrel-arched ceilings, and abundant light and air.The property is home to a diverse collection of TAMI and professional services firms and is in close proximity to12 subway lines, Penn Station, and the PATH train.
Paul Amrich, Neil King, and Patrice Meagher of CBRE represented the ownership in the seven year lease transaction. Michael Morris and Greg DiGioia of Newmark Knight Frank represented Knotel.
About Savanna
Savanna, formed in 1992, is a vertically-integrated real estate investment manager based in New York City and focused on strategic property investments throughout the City’s five boroughs. The firm, led by Managing Partners Christopher Schlank and Nicholas Bienstock, pursues real estate equity and debt asset investments, including ground-up development and major repositioning projects. Savanna’s equity investments target value add/opportunistic returns by adding value through asset management and/or property development, redevelopment, and repositioning, deploying a team of more than 30 experienced investment, asset management, construction, and leasing professionals. Savanna also selectively invests in real estate debt instruments that have the potential to generate equity-like returns, including preferred equity instruments, high yield bridge and mezzanine loans, and B-notes. Since 2006, Savanna has invested approximately$3.5 billion in total capital across over14 million square feet of real property.
