Savanna acquires 31 Penn Plaza for $130M

Savanna, a real estate private equity firm based in New York, acquired 31 Penn Plaza in Manhattan for just over $130 million and intends to spend approximately $26 million on renovations.

31 Penn Plaza has 18 stories and 444,000 square feet. The transaction cost Savanna approximately $300 per square foot, based on a release by Jones Lanes LaSalle.

Savanna's renovation plans include a brand new entrance and lobby, upgraded elevators and other maintenance additions to the property.

"The Penn Station neighborhood is one of the focal points for new trophy mixed-used development in Manhattan, with recently completed luxury residential, hotel and retail projects such as the Eventi, the Beatrice, the Epic and Durst Fetner's residential project in Herald Square bringing new life to the area," said Tom Farrell, senior associate of Savanna.

The transaction is the real estate agency's second in two weeks in the Manhattan area. The company announced on September 21 that it had purchased 80 Broad Street, a 417,000-square-foot, 36-story financial district office property.