Savanna Acquires Office Tower in Midtown Manhattan for $640M

NEW YORK CITY — New York City-based real estate investment manager Savanna has acquired a 682,988-square-foot office and retail property in Midtown Manhattan for $640 million. The property, known as 5 Bryant Park, was purchased from an affiliate of Blackstone. Savanna plans to modernize the property through a capital improvement program that will include a redesigned lobby, entrance and building signage. 5 Bryant Park is located directly across from Bryant Park on Sixth Avenue and features 100 feet of frontage facing the park. A joint team of JLL and HFF represented Savanna in the financing of the acquisition. Laurie Grasso of Hunton Andrews Kurth represented Savanna as legal counsel in the transaction. CBRE has been selected as the exclusive leasing agent for the property.