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31 Penn Plaza sold for $128,000,000

New York-based real estate private equity and asset management firm Savanna has acquired 31 Penn Plaza, an 18-story, 444,000-square-foot, multi-tenant office building at 132 West 31st Street, between Sixth and Seventh avenues from a joint venture between C&K Properties, Glory Capital, and Zamir Equities.

The building, which offers full-floor office space of about 27,000 square feet per floor, will undergo $26 million in capital improvements to update the building and lease the available office space, Savanna said, including a new front entrance and fully renovated lobby. “The neighborhood surrounding Penn Station and Madison Square Garden is a growing mixed-use submarket with plans for millions of square feet in office, retail, residential and hotel development over the next few years,” said Christopher Schlank, a managing partner of Savanna.

Published on Wednesday, September 28th, 2011.