NEW YORK CITY-After completing a comprehensive repositioning of 104 West 40th Street, New York City-based private equity and asset management firm Savanna has signed over 60,000 square feet of new office leases at the landmark class A office building in Midtown, GlobeSt.com has learned exclusively. The newest tenants include TKP New York Inc., a Japan-based professional services firm who took a 10-year, 31,947-square-foot lease, and nonprofit organization Daytop Village Foundation who inked a 29,988-square-foot lease. Combined, both tenants will fill the concourse, second, third and fourth floors here.
“We are thrilled about the new leases for TKP and Daytop’s New York offices,” says Nicholas Bienstock, a managing partner at Savanna, who says both leases represent nearly 30% of the building and provides "evidence of the attractiveness" of the property. "It justifies our decision to make a significant investment in it," he adds, in a statement.
TKP, a company that delivers conference and meeting facilities to a variety of users, will launch its first flagship Manhattan location by occupying the concourse level and second floor with a dedicated private entrance on 39th Street. The company was represented by Joseph Mangiacotti and Masahiro Tanaka of CB Richard Ellis.
Directly above, Daytop Village Foundation has leased the third and fourth floors and will be relocating from their current space at 54 West 40th Street. The nonprofit was represented by Jamie Covello and Brad Jones of Cushman & Wakefield.
The recent leases coincide with Savanna’s ongoing capital program in the building, which includes upgrades to the building HVAC system and the building envelope, along with the installation of full building sprinkler infrastructure. Savanna also launched a marketing and leasing program with an additional 92,000 square feet available, approximately 12,000 in two tower floors and an 80,000-square-foot contiguous base block on the fifth and 10th floors. It acquired 104 West 40th in August 2010 by purchasing a defaulted first mortgage on the property. The site is located next to Bryant Park and is in close proximity to Grand Central Station.
Savanna was represented by Arthur Zagorsky and William Weisner of Tarter Krinsky & Drogin LLP in the new lease transactions. Leasing and marketing for the property is led by Paul Amrich, Michael Movshovich, and Neil King of CBRE, who concede that the recent leases are a result of the building’s repositioning and success in the marketplace. “TKP and Daytop are ideal tenants for this portion of the building and show the market that ownership is ready, willing, and able to sign deals at current market terms,” Amrich says, executive vice president at CBRE, in a statement. “We are currently in discussions with a number of tenants with full or multi-floor requirements.”
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