Savanna acquired 360 Lexington Ave., a 268,383-square-foot office tower, from AEW Capital Management for $180 million. Savanna financed the acquisition with a $126-million loan from Barclays and arranged by Eastdil Secured’s Grant Frankel, Philip McKnight and Rob Turner. Cole Schotz PC represented Savanna in the transaction.
The new owner plans a repositioning. It has brought in JLL’s Mitch Konsker, Barbara Winter, Ben Bass and Kip Orban to handle marketing and leasing.
“360 Lexington is ideally positioned in a neighborhood that has long been considered to be a central location with strong transportation access, which only continues to improve as major transit and infrastructure changes are underway in the immediate area,” said Savanna’s Andrew Kurd.
Konsker added, “We have seen growing interest in the Grand Central submarket, and believe there will be a large and diverse set of tenants looking for renovated office space available in this area at competitive rents.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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