Salon Media Among New Leases at 31 Penn Plaza
By Gus Delaporte May 7, 2014 7:30 am
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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.
Elsewhere in the building, market Research firm NDP Group will take 6,228 square feet on the fourth floor on a 10-year term.
Lastly, TRIBUNE 365, an affiliate of Tribune Publishing, signed a seven-year, 6,079-square-foot deal on the third floor.
“We are pleased to welcome RevTrax, New Audio, Salon Media Group and Tribune Publishing to 31 Penn Plaza,” said Brian Reiver, the director of leasing at Savanna, in a prepared statement. “These deals are a testament to the continued transformation of the Penn Plaza area and the influx of new media and tech tenants that find this building and this neighborhood so appealing.”
Landlord Savanna has leased 225,000 square feet at 31 Penn Plaza since acquiring the 444,000-square-foot building in 2011. The building is now 98-percent leased. Asking rent at the Midtown property varies from $48 per square foot on the lower floors to $75 per square foot for the penthouse.
Mitchell Konsker, Matthew Astrachan and Matthew Polhemus of JLL (JLL) represent Savanna at 31 Penn Plaza. Salon Media was represented by Barry Zeller and Andrew Ross of Cushman & Wakefield (CWK). Jason Frazier and Christopher Mansfield of CBRE (CBRE) represented RevTrax. Mr. Frazier also represented New Audio. NDP Group was represented by Adam McCostlin and Doug Levine of DTZ. Robert Hill and Timothy Hay of CBRE represented Tribune Publishing.
