July 16, 2017
Savanna bought 31 W. 27th St., a Beaux-Arts office and retail building in the Madison Square North Historic District of Midtown Manhattan.
The property offers an “incredibly strong location” and “a historic look and feel that tenants desire,” said Cooper Kramer, managing director of Savanna. “Our aim is to implement strategic renovations that will make this property even more compelling.”
Built in 1910, the 12-story, Beaux-Arts style building features paneled limestone and cast-iron columns. The 144,500-square-foot property sold for $126 million, according to reporting in the Commercial Observer, and representatives of Savanna don’t dispute that number.
The current tenants include a mix of professional services and technology, advertising, media and information companies.
Hunton & Williams represented Savanna in the transaction. Hodges Ward Elliott represented the seller, Westbrook Partners. Aareal Capital Corporation, a subsidiary of Germany-based Aareal Bank AG, provided financing.
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