Real estate private equity firm Savanna has donated space to the Lower Manhattan Cultural Council for its artist residency program for the second year in a row, it was announced earlier this week. LMCC will utilize 8,409 square feet at 100 Wall Street through summer 2013.
Last year, Savanna donated the entire 11,250-square-foot 21st floor at 80 Broad Street for LMCC’s use. The donated space is used as an incubator for dance, theatre, art and digital media. The organization will incubate up to 20 projects, according to Melissa Levin, director of cultural programs at LMCC.
Rosenbaum & Rosenbaum has signed a deal for an office in the Financial District, it was announced.
The personal injury law firm will be taking a 3,822-square-feet office on the 15th floor of Savanna-owned 100 Wall Street. The firm represents clients throughout the city and the metropolitan area on personal injury, medical malpractice and product Read More
New York-based real estate private equity and asset management firm Savanna has closed on its acquisition of two adjacent loft-style office buildings at 245 West 17th Street and 249 West 17th Street in Chelsea for $75.8 million, city records show.
Originally a dry goods warehouse and wagon house for the Siegel-Cooper Company department store, the property at 249 West 17th Street is a 145,000-square-foot, six-story building. The other property, equal in square footage, is 12 stories high.
The two properties have a combined 40,000 square feet of office space and are located within a couple blocks of Chelsea Market, the Meatpacking District and Google’s 111 Eighth Avenue.
Penn Plaza, the area surrounding Penn Station, has historically been a hub for firms that rely on transportation, namely the Long Island Rail Road and New Jersey Transit. Recent development, however, has taken the district in a new direction.
“We are seeing a wave of social media, advertising, marketing and high fashion tenants taking advantage of the still favorable value differential in the Penn Station submarket,” said Kevin Hoo, the vice president of Savanna. “Google’s presence at 111 Eighth Avenue and the tightening in that market has also begun to drive creative tenants northward into this submarket.
“We think that the transformation of Manhattan’s West Side has already begun and that these new tenants continue to provide increasing momentum in that direction,” Mr. Hoo added.