Sales Beat

Savanna and Feil Sell 21 Penn to TIAA-CREF

21 Penn Plaza

Financial services company TIAA-CREF has purchased the 16-story, 378,547-square-foot 21 Penn Plaza building from Savanna and the Feil OrganizationCommercial Observer has learned.

While representatives for both sides of the deal declined to state the purchase price of the renovated Class B building that sits one block west of Penn Station, the owners placed the property on the market this summer with an asking price of about $250 million, Crain’s New York Business reported. Savanna and Feil inked 225,000 square feet of leases and implemented $5 million in building upgrades to deliver the property to TIAA-CREF with 98 percent occupancy, said Robert Knakal of Massey Knakal Realty Services. Read More

Lease Beat

Healthcare Consulting Firm Picks Up New Wall Street Space

100 Wall Street.

Global healthcare issues strategy consulting firm CBPartners has rented 5,685 square feet on a portion of the second floor at 100 Wall Street, Commercial Observer has learned.

The firm, whose clients include biopharmaceutical companies, medical device companies and government health authorities, signed a seven-year new lease yesterday and plans to move in on Dec. 1, according to a spokeswoman for the building owner, Savanna. Read More

Lease Beat

Insurance Information Institute Relocates in FiDi

110 William Street.

Insurance Information Institute signed a new 7,900-square-foot lease at 110 William Street, a building owned by Savanna and KBS Strategic Opportunity REIT, Commercial Observer has learned.

The tenant, whose mission for 50 years has been to improve the public’s understanding of insurance, signed a 10-year deal in the 32-story building, Savanna announced. The asking rent was in the mid-$40s, according to a spokesman for Savanna. Insurance Information Institute will be relocating to floor 18 from 24 in December. Read More

Law and Order

Gallery Files $10M Wrongful Eviction Suit at Savanna, Manhattes Development Site

540 West 26th Street.

Lehmann Maupin Gallery is suing the landlord of 540 West 26th Street for illegal eviction, and is seeking compensatory damages in excess of $10 million, plus a sum for punitive damages, according to court documents.

That is a site where Savanna, The Manhattes Group and the Silvermintz family are looking to tear down a two-story building, which is home to the gallery, and an adjacent lot and erect a large commercial and office project with community facility space, as New York Observer previously reported.  Read More

Lease Beat

Media Tech Company Expands in Soho Building

434 Broadway.

In a 10-year deal signed last month, Technicolor is expanding its Soho space by 7,230 square feet, Commercial Observer has learned.

Combined, Technicolor, a worldwide technology leader in the media and entertainment sector, will occupy 21,716 contiguous square feet on the seventh through ninth floors at Savanna‘s 434 Broadway, on the northeast corner of Howard Street and Broadway. The property is a nine-story, mixed-use office and retail building consisting of 63,600 square feet, including 4,800 square feet of ground-floor retail and 58,000 square feet of office space.  Read More

Lease Beat

SQN Capital Signs Lease at 100 Wall Street

100 Wall Street.

Alternative fund manager SQN Capital Management has signed a 10-year lease for a 7,293-square-foot portion of the 28th floor of Savanna’s 100 Wall Street, Commercial Observer has learned.

Asking rent for the space was $49 per square foot. The tenant will relocate from its current headquarters at 110 William Street. Read More

Sales Beat

Broad Street Development in Contract to Buy Savanna’s 80 Broad Street

80 broad street

Broad Street Development is in contract to buy 80 Broad Street from Savanna for $175 million, The New York Post reported.

Real estate private equity firm Savanna acquired 80 Broad Street after taking control of the property’s senior mortgage at a 12 percent discount on its $75 million value, according to the Post. The building had previously been owned by Swig Equities, which paid $70 million for the property in 2004. Read More

Assignments

Savanna Puts Twitter’s NYC HQ Building on the Market

245-247 West 17th Street.

Following a $29.4 million gut renovation, Savanna has put 245-249 West 17th Street on the market, hiring Eastdil Secured to sell the 12-story office tower and adjacent six-story mixed-used building, according to marketing materials obtained by Commercial Observer.

Together the Gold LEED-certified buildings between Seventh and Eighth Avenues and 17th and 18th Streets have 281,294 square feet, including 18,945 square feet of ground-floor retail space. Read More

Lease Beat

Salon Media Among New Leases at 31 Penn Plaza

31 Penn Plaza

Salon Media Group is among a group of new tenants to take space at Savanna’s 31 Penn Plaza, Commercial Observer has learned. The operator of news site Salon.com has signed a five-year lease for 6,523 square feet on building’s sixth floor.

The five deals total close to 46,000 square feet. In the largest of the transactions, marketing technology company RevTrax signed a 10-year, 20,726-square-foot lease on the seventh floor. On the same floor, New Audio, a high-end audio accessories brand, signed a 10-year, 6,370-square-foot lease. Read More

Lease Beat

Haifa-Related Non-Profit Opening in FiDi

80 Broad Street

The American Society of the University of Haifa is setting up shop at 80 Broad Street, Commercial Observer has learned.

The non-profit organization, which promotes American-Israeli interests and values by serving as the bridge between the University of Haifa and Israel-minded Americans, is taking 2,305 square feet on a portion of the 21st floor. The lease is for seven years in the building, which is between Stone and Beaver Streets. Read More