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 York’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, Savanna’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 firm’s equity investments target superior risk-adjusted returns by adding value through asset redevelopment, repositioning and asset management.
Photos courtesy Savanna.