$100M for Boutique Office Tower at 106 W. 56th St.

Savanna received about $100 million in construction financing to build a new, boutique office tower at 106 W. 56th St.

“There is a void in amenity-rich properties that provide appropriate office settings for the highest-end tenants,” said Andrew Kurd, director at Savanna.

Designed by architect Perkins Eastman, with interiors by Gensler, the 26-story tower will total 90,000 square feet of space featuring “club-like” amenities and catering to private investment funds, wealth managers, and family offices.

JLL arranged the financing packaging, including a senior construction loan from United Overseas Bank and mezzanine financing from Canyon Partners Real Estate. Savanna also has a joint venture partner in the deal, Atom Assets. Vertical construction is expected to start in early 2018, with completion in the third quarter of 2019.

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