The Investment Property. 386 Park Avenue South is a 260,000 SF office building located on the northwest corner of Park Avenue South and East 27th Street in Manhattan’s Midtown South submarket.
The Opportunity/Challenge. Savanna identified an opportunity to acquire a 90% controlling ownership stake in the property at an attractive basis. Upgrades would be necessary for today’s tenants.
The Strategic Insight. Constructed in 1927 in the Art Deco style, this 20-story, steel-frame, brick-masonry building offers a highly attractive location, generous light and open views throughout the tenant spaces.
Plan Execution. Savanna successfully improved the property’s market position through a series of base building improvements, while upgrading specific tenant spaces as new leases were executed.