Leading design firm secures 4,147 square-foot lease at renovated Midtown office tower
Savanna, a New York City-based real estate investment manager, owner/operator and developer, announced a new five-year, 4,147-square-foot lease for Margo Chase Design, Inc.at 360 Lexington Avenue, the 268,383-square-foot, 24-story office tower located on the northwest corner of Lexington Avenue and East 40th Street in Manhattan.
The new space will serve as the New York City office and studio for Margo Chase Design Inc., a global design firm founded by the late Margo Chase. A JLL team comprised of Mitch Konsker, Ben Bass, Thomas Swartz, Barbara Winter served as leasing agents for Savanna in this transaction. Robert Tunis and Clint Dewey with Colliers represented the tenant.
“The location, best-in-class prebuilds, and boutique floorplates at 360 Lexington Avenue are resonating with a variety of tenants in the Manhattan office market,” said Ian Moore, Vice President with Savanna. “The property offered everything Margo Chase Design was seeking in a new office space and we’re pleased to welcome this prominentcreative design agency to our tenant roster.”
Savanna first acquired 360 Lexington Avenue in 2019and immediately embarked on acapital improvement program to renovate the property.Recently completed improvements include an enhanced lobby and new elevators as well asnewly constructedprebuilt space. Savanna is currently adding more prebuilt offices, with an expected completionby Spring 2023. The building offers flexible floorplates, with both partial and full floors available ranging from 3,314-15,379 square feet.
360 Lexington Avenue sits in a highly accessible Midtown location, just two blocks from Grand Central Terminal and within walking distance of multiple subway lines. The property is also near numerous dining and retail options as well as local institutionsincluding the New York Public Library and Bryant Park.
About Savanna
Savanna, formed in 1992, is a vertically-integrated real estate investment manager based in New York City and focused on strategic property investments throughout the City’s five boroughs. The firmpursues real estate equity and debt investments, including ground-up development and major repositioning projects. Savanna’s equity investments target value add/opportunistic returns by adding value through asset management and/or property development, redevelopment, and repositioning, deploying a team of more than 60 experienced investment, asset management, construction, and leasing professionals. Savanna also selectively invests in real estate debt instruments that have the potential to generate equity-like returns, including preferred equity instruments, high yield bridge and mezzanine loans, and B-notes. Since 2006, Savanna has invested over $5 billion in total capital across approximately 17 million square feet of real property.
