Compass Group USA has signed a 8,600-square-foot, 10-year lease for a portion of the sixth floor at Savanna’s 445,000-square-foot 31 Penn Plaza.
The food service management and support services company serves six million meals a day throughout the U.S and Canada from its vending and coffee machines, restaurants, corporate cafes, schools, arenas, museums, and special events.
Mitch Konsker, Matthew Astrachan and Matt Polhemus of Jones Lang LaSalle represented the landlord, while Tyler McNeil, Michael Burlant and Dale Schlather of Cushman & Wakefield represented the tenant in this transaction. The JLL brokers did not respond to requests for comment, while C&W declined comment.
This past summer office suite provider Regus signed a 10-year, 23,000-square-foot lease on the 15th floor at the property, and Real Estate Arts signed a deal to relocated to the building from its offices at 641 Avenue of the Americas. Earlier in the year, Savanna improved the street presence of the building when it cut deals with three new retail tenants along 31st Street: Pennsylvania 6, Friedman’s and Dee Da.
The property is undergoing an ongoing $25 million capital improvement plan, encompassing entrance and lobby redevelopments, elevator and base building modernizations, façade and roof restorations, as well as common area and bathroom upgrades.
It features 23,000 to 27,000-square-foot floor plates and an up to 160,000-square-foot contiguous space with dedicated elevators and lobby off 30th Street.