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Savanna Snatches Up 21 Penn Plaza for $137M

NEW YORK CITY-After buying 31 Penn Plaza just two weeks ago, the joint venture is continuing its acquisition spree in Manhattan’s evolving Penn Station-area.

By Jacqueline Hlavenka | Updated on October 11, 2011

NEW YORK CITY-After buying up 31 Penn Plaza just two weeks ago, a joint venture between Savanna and the Feil Organization has acquired 21 Penn Plaza, a 17-story, 375,000-square-foot building next store for $137 million from seller GHG Realty. The transaction marks the second deal for the JV in the Penn Station-area this quarter.

Christopher Schlank, a managing partner at Savanna, says the office building was a “compelling investment” for the JV, as the firms anticipate a strong reemergence of office, retail and multifamily activity on Manhattan’s West Side within the next five years. “Savanna and Feil are pleased to add 21 Penn Plaza to our respective office portfolios in the rapidly evolving Penn Station neighborhood,” he says, in a statement. “We look forward to a successful relationship.”

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