Savanna, the New York-based real estate private equity and asset management firm, has closed on the acquisition of 106 West 56th Street in a joint venture with Atom Assets, a Hong Kong-based real estate investment platform.
106 West 56th Street is located just off of Sixth Avenue on West 56th Street in the heart of Manhattan’s Plaza District, three blocks south of Central Park. The seller will remain in the existing building for up to 12 months.
Savanna will develop a trophy quality, approximately 90,000 s/f 26-story, Class A 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.
Designed by Perkins Eastman, the property will feature boutique floor plates ranging from 2,000-5,000 square feet and superior amenities including terrace setbacks, views of Central Park and 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.
“106 West 56th Street is going to be one of its kind as it will offer an opportunity for a full floor presence to boutique, high-end tenants right in the heart of the Plaza District,” said Andrew Kurd, Vice President at Savanna.
“The building’s small floor plates and attractive amenities will make it a standout property in Midtown, where this type of Class A trophy quality boutique office space is in high demand with very little supply.”
“We are excited to be partnering with Savanna on this fantastic project. New York continues to represent an attractive market for real estate investors from Asia. 106 W 56th meets all of our investment criteria: partner, location and strategy,” said Allen Lin, Managing Director at Atom Assets.
The west fifties neighborhood of Manhattan is a highly trafficked area that is home to numerous well-known companies, hotels, performing art centers, and museums.
In addition, the neighborhood has seen an influx of residential development, particularly on 57th Street, which has been dubbed “billionaire’s row” as luxury residential buildings such as One57 and the Nordstrom Tower have transformed the area landscape.
United Overseas Bank, Ltd, a Singapore-based bank, provided financing for the acquisition. Kellogg Gaines and Aaron Niedermayer of JLL represented Savanna in securing the financing.
Leo Leyva, Chris Caslin, Alan Rubin and Elizabeth Navatto of Cole Schotz P.C. served as legal counsel for Savanna in the transaction. Tim Sheehan, Dan Kaplan, Ned Midgley and Stuart Eisenkraft of CBRE represented the seller, America Press, Inc. in the sale.
Savanna’s development of 106 West 56th Street is slated to be complete in 2019.