Savanna Inks 23 KSF Manhattan Lease

By IvyLee Rosario

31 W. 27th St., Manhattan

Workspace provider Knotel has signed a seven-year lease with Savanna to occupy 23,000 square feet of space at 31 W. 27th St. in Manhattan’s NoMad District.

The 12-story property comprises 144,500 square feet of office and retail space between Broadway and Sixth Avenue. The Beaux-Arts style asset was built in 1910 and is a loft-style building. Current features include open floorplates of 11,578 square feet, bright lighting and 12- to 14-foot barrel-arched ceilings. The property offers easy access to 12 subway lines, the PATH train and Penn Station.

CBRE’s Paul Amrich, Neil King and Patrice Meagher represented Savanna in the deal. Newmark Knight Frank’s Michael Morris and Greg Digioia represented the tenant.

Capital Improvements

“31 West 27th Street offers a rare combination of attributes—an incredibly strong location in one of Manhattan’s best office neighborhoods, and a historic look and feel that tenants desire,” said Brian Reiver, managing director of Savanna, in prepared remarks. “Knotel’s commitment speaks to the property’s allure to tenants across industries, which we believe will be even further strengthened by the improvements Savanna is making to the building.” 

The owner plans to renovate the lobby, façade, sidewalk vault, building systems and roof. Savanna will also be repositioning the retail storefront to increase street presence.

The firm has been busy renovating and leasing up several of its Manhattan office properties. In March, Savanna signed a 20,000-square-foot lease with Carver Federal Savings Bank, which will relocate to the Lee Building in Harlem. That property also underwent an extensive renovation program, which included improvements to the façade, sidewalks, retail storefront, lobby and entrance, bathrooms, windows, as well as HVAC and electrical upgrades.

Image courtesy of Savanna