Savanna sells Manhattan office for $270m
Savanna is under contract to sell the PennCom Plaza in Manhattan to Vanbarton Group for approximately $270 million.
The 18-story office building located at 132 W. 31st St. totals 423,000 square feet of leasable space. Major tenants include Northern Leasing, 24/7 Real Media and Facts on Files. The property also includes retail space occupied by tenants including Blink Fitness, restaurant Friedman’s Lunch and restaurant Pennsylvania Six.
Savanna acquired the property in 2011 and invested $26 million in renovations during 2013.
The sale follows Savanna’s disposition of another Manhattan office property, 100 Wall Street, to Cornerstone Real Estate Advisers for $272.5 million, and selling