Savanna celebrated the re-launch of 31 Penn Plaza (a 444,000 s/f building between Sixth and Seventh Avenues on West 31st Street) last week at Pennsylvania 6 raw bar and restaurant. Over 300 guests from New Yorkâ€™s commercial real estate community were introduced to the newly renovated property and attended the launch event at Pennsylvania 6.
Acquired through an off-market sale in late 2011, Savannaâ€™s $26 million capital plan for 31 Penn Plaza includes a new building entrance and uplighting, fully renovated lobby, modernized destination system elevators and ongoing building common area upgrades. The firmâ€™s equity investments target superior risk-adjusted returns by adding value through asset redevelopment, repositioning and asset management.
Photos courtesy Savanna.