Lease Beat

Real Estate Arts Relocates to 31 Penn Plaza

Courtesy of Cpex Executive

Courtesy of Cpex Executive

Real Estate Arts will be relocating from its office at 641 Avenue of the Americas to Savanna‘s 31 Penn Plaza.

The strategic design consultancy will be taking a 6,822-square-foot prebuilt office on the sixth floor of the building. As part of Savanna’s capital improvement program, the prebuilt features exposed slabs, interior offices, and a modern, open layout with collaborative work spaces. The office also has views of Madison Square Garden.

A pair from CBRE of Michael Hirsch and Benjamin Friedland represented Real Estate Arts. Savanna enlisted the help of Jones Lang LaSalle as exclusive broker of the building. Mitchell Konsker, Matthew Astrachan, and Matthew Polhemus have taken charge of leasing activity.

In addition to signing Real Estate Arts, Savanna improved the street presence of the building and brought in three new retail tenants on 31st Street: Pennsylvania 6, Friedman’s and Dee Da, the latter two expected to open in the next few months.

“It has transformed significantly in the past 18 months with the pickup in general activity in Midtown South,” said Kevin Hoo, vice president of Savanna. “The borders of Midtown South have slowly expanded and 31 Penn Plaza falls within a very desirable location with unparalleled access to public transportation and MSG.”

“This uptick in activity has seen an influx of non-traditional garment type tenants from industries like new media, high fashion, technology and marketing firms in addition to architectural and smaller financial firms,” he added.

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