Savanna and its Hong Kong-based partner Atom Assets, has secured a $40 million loan for its acquisition of 106 West 56th Street.
JLL’s Capital Markets experts announced the firm secured $40.4 million in acquisition and pre-development financing on behalf of the joint venture.
The site will be developed into a trophy quality, 26-story, Class A boutique office building. Singapore-based United Overseas Bank, Ltd, provided the loan.
Managing Director Kelly Gaines and Vice President Aaron Niedermayer led the JLL team on the transaction.
“This financing will allow Savanna and Atom Assets to develop a state-of-the-art trophy quality, 90,000 s/f Class A office asset in a prime Midtown location just blocks from Billionaire’s Row,” said Gaines.
“With Central Park views on the upper floors, outdoor terraces, high-end office finishes and luxury amenities, 106 West 56th Street will cater to the types of tenants who seek boutique, trophy office space in Midtown including hedge funds, family offices and high-net-worth individuals,” added Niedermayer.
Savanna has tapped Perkins Eastman to design the boutique office building, catering to high net worth individuals, family offices, small financial services companies and private equity firms seeking a high-end, full floor Midtown location.
It will feature floor plates ranging from 2,000-5,000 square feet and amenities including terrace setbacks a state-of-the-art conference center. Savanna is working with the leasing team of Peter Turchin, Christie Harle, Caroline Merck and Brad Auerbach at CBRE.
The West Fifties neighborhood of Manhattan is home to numerous well-known companies, hotels, performing art centers, and museums including Central Park, Columbus Circle, Rockefeller Center, Fifth Avenue retail, the Plaza Hotel, Carnegie Hall and Radio City Music Hall.
In addition, the neighborhood has seen an influx of ultra-luxury residential development such as One57, 111 West 57th, Nordstrom Tower and 220 Central Park South.