NEW YORK CITY-Business partners and longtime friends Nicholas Bienstock and Christopher Schlank, co-managing partners at Savanna, once considered 386 Park Avenue South as a “zombie building.” But today, the 260,000-square-foot, 20-story Art Deco office building is beaming with activity, as the city’s top brokers and New York’s real estate glitterati gathered on the eighth floor of the building for an official launch party here on Wednesday evening.

“We invested to make this one of the best buildings in the Park Avenue South corridor,” Bienstock said, showcasing the 8,600-square-foot pre-built office space on the southern portion of the eighth floor. Just last year, Savanna partnered with New York and DC-based investment firm Monday Properties on a $30-million capital improvement plan for the property, which includes a revitalized lobby space, as well as new windows, elevator cabs, common corridors, renovated restrooms and heating and cooling systems.

Originally planned as high-end residential condos, the landlords recapitalized, paid off existing debt and created a new business and leasing plan for the site, receiving a $58-million loan from PCCP, LCC to finance the office upgrades in January. “The ownership is committed to investing in and improving the building,” said Christopher Schlank, co-managing partner at Savanna, who expects strong leasing activity going into 2012.