NYC OFFICE BUILDING TO UNDERGO $30M REHAB

NEW YORK CITY — Savanna and Monday Properties have commenced a $30 million capital improvements plan for 386 Park Avenue South, a 20-story, 260,000-square-foot office building located in Manhattan's Midtown South submarket. Construction will include a revitalized lobby, new windows, new elevator cabs, new common corridors, renovated restrooms and a new HVAC system. The owners procured a $58 million loan from PCCP LLC to finance the construction as well as a new leasing program. Monday Properties is handling leasing and marketing for the property.