Savanna has leased 14,405 s/f of office space to Plaza Construction at 360 Lexington Avenue in Midtown Manhattan.
The construction management and general contracting firm is relocating from Savanna’s 5 Bryant Park to occupy a full floor of the 24-story office tower located on the northwest corner of Lexington Avenue and East 40th Street in Midtown Manhattan.
“We’re pleased to announce this full-floor lease at 360 Lexington despite challenging market conditions,” said Linhadley Eljach, Senior Associate at Savanna.
“We believe this transaction with Plaza Construction is a testament to the attractive combination of stellar location, strategic improvements, and wellness features that the property offers under Savanna’s ownership.”
Brad Meltzer, president of Plaza Construction, added: “Providing a safe and flexible place of work for our staff, along with a forward-thinking environment, is of paramount importance to us as a company. So, the decision to move our New York City office to 360 Lexington was an easy one. It gives us an opportunity to rethink our workspace as we look to the future. Our employees are already becoming excited to have a new workplace that is in tune with the current trends and adaptive to their needs and the ‘new normal.’”
360 Lexington is two blocks from Grand Central Terminal and within walking distance of 10 subway lines. Bryant Park is a short walk from the property as well.
Savanna acquired 360 Lexington last year and is rebranding and repositioning the building with a $20 million capital improvement plan.
Currently Savanna is renovating the building lobby and main entrance and rolling out a tailored prebuilt program. The planned improvements also encompass new bathrooms and corridors as well as base building infrastructure upgrades.
Additionally, Savanna created a suite of health and wellness features designed to accommodate today’s needs.
Air quality is addressed with MERV-13 air filters designed to meet air filtration efficiency in common areas and operable windows offering natural air ventilation.
A new plexiglass partition at the security desk, social distancing markers and safety signage throughout all common areas, and reduced in-cab capacity in elevators with anti-microbial buttons enhance wellness as tenants and visitors move through the building’s common spaces. On-site bike storage is provided and hand sanitizing stations are available in the building’s lobby and loading dock area.
The JLL team of Mitchell Konsker, Barbara Winter, Ben Bass, Kip Orban, and Colleen Hollowood serve as exclusive agents for 360 Lexington and handled lease negotiations on behalf of Savanna.
Joseph Genovesi, Francis Santangelo and Nate Brzozowki of Savills represented Plaza Construction.
“Savanna is doing the right things to make 360 Lexington competitive – smart improvements that tenants are looking for,” Barbara Winter said. “We believe the property is well-positioned for leasing success as the market continues to improve.”