Savanna, a New York City-based real estate investment manager, owner/operator and developer, announced a new five-year, 4,147-square-foot lease for Margo Chase Design, Inc. at 360 Lexington Avenue, the 268,383-square-foot, 24-story office tower located on the northwest corner of Lexington Avenue and East 40th Street in Manhattan.
The new space will serve as the New York City office and studio for Margo Chase Design Inc., a global design firm founded by the late Margo Chase. A JLL team comprised of Mitch Konsker, Ben Bass, Thomas Swartz, Barbara Winter served as leasing agents for Savanna in this transaction. Robert Tunis and Clint Dewey with Colliers represented the tenant.
“The location, best-in-class prebuilds, and boutique floorplates at 360 Lexington Avenue are resonating with a variety of tenants in the Manhattan office market,” said Ian Moore, Vice President with Savanna. “The property offered everything Margo Chase Design was seeking in a new office space and we’re pleased to welcome this prominent creative design agency to our tenant roster.”
Savanna first acquired 360 Lexington Avenue in 2019 and immediately embarked on a capital improvement program to renovate the property. Recently completed improvements include an enhanced lobby and new elevators as well as newly constructed prebuilt space. Savanna is currently adding more prebuilt offices, with an expected completion by Spring 2023. The building offers flexible floorplates, with both partial and full floors available ranging from 3,314-15,379 square feet.
360 Lexington Avenue sits in a highly accessible Midtown location, just two blocks from Grand Central Terminal and within walking distance of multiple subway lines. The property is also near numerous dining and retail options as well as local institutions including the New York Public Library and Bryant Park.