NEW YORK CITY-Savanna has signed three new leases at 31 Penn Plaza, totaling 70,262 square feet. The trio of deals stems from all of the upgrades taking place in and around the Penn Station area, Thomas Farrell, VP, acquisitions and project management, tells GlobeSt.com.
“The penn plaza neighborhood is in the middle of a major revitalization, feeding off the growth of nearby neighborhoods in Midtown South and the redevelopment of the west side,” he says. “By delivering a fully-upgraded asset with flexible space options to the market, Savanna has been able to tap into tenant demand in this growing neighborhood.”
Improvements to the building also enticed the tenants, Farrell notes. “Savanna's repositioning plan for 31 Penn Plaza focused on restoring the great architectural features of the original building while bringing a full package of modern infrastructure to the property. The building's floor plate is very flexible and lays out well for both large tenants on 27,000-square foot full-floors as well as small tenants in 5,000 to 8,600-square foot prebuilt suites. By having flexible sizes and configurations with modern infrastructure, we can meet the space needs of a wide variety of companies.”
TPG Planning & Design, an architecture firm, signed a 40,431 square foot lease, spanning the entire fifth floor and portion of the fourth floor. The tenant was represented by CBREs vice chairmen Mark Ravesloot and Michael Monahan.
Regus, a flexible workplace provider, signed a lease for 23,009 square feet, spanning the entire 15th floor. EVPs Patrick Heeg and Jim Wenk of Jones Lang LaSalle represented the tenant.
Real Estate Arts, Inc., a digital marketing and branding agency specializing in real estate and architecture, has signed a 6,882-square- foot lease. The agency will be moving into a prebuilt space on the 6th floor. The tenant was represented by Benjamin Friedland, EVPand Michael Hirsch, associate of CBRE.
Jones Lang LaSalle vice chairmen Mitchell Konsker and Matthew Astrachan, as well as associate Matthew Polhemus represented the landlord, Savanna, in all three transactions.
The building's recent recent $26 million capital improvement initiative included a new front entrance, fully renovated lobby and modernized elevators. 31 Penn Plaza offers everything from 27,000-square-foot full floors to customized pre-built or build-to-suit spaces ranging from 5,000 to 8,600 square feet.
“31 Penn Plaza represents a new generation of commercial space in Midtown West,” says Konsker.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
