Friday, April 29, 2011

Savanna and Monday Properties Launch $30 Million Capital Improvement Plan for 386 Park Avenue South in Manhattan

 NEW YORK – APRIL 27, 2011 – Savanna and Monday Properties have launched a $30 million capital improvement plan alongside a new marketing and leasing program for 386 Park Avenue South (top left photo), a 20-story, 260,000-square-foot office building located on the northwest corner of Park Avenue South and 27th Street in the Midtown South district of Manhattan.

 The owners of the Art Deco building are undertaking a broad capital improvement plan that includes a revitalized lobby, new windows, new elevator cabs, new common corridors, renovated restrooms and new heating and cooling systems.

 These significant upgrades coincide with the unique availability of a 65,000 square foot block of space comprised of five contiguous full floors. Savanna and Monday Properties are also announcing the completion of an 8,600-square-foot prebuilt office space on the southern portion of the 8th floor.

The new prebuilt suite features modern offices with eight-foot wooden doors, new large energy-efficient windows, a new reception, elevator corridor, and a glass-front conference room. The prebuilt space allows immediate occupancy for small to mid-size tenants.

“We are excited to launch this major capital improvement plan and leasing program at 386 Park Avenue South,” said Christopher Schlank (lower left photo)  a Managing Partner of Savanna. “The broad improvements and high quality prebuilt space at 386 will further enhance the building’s appeal to its existing and potential tenants. With a 65,000 square foot block of space available, in addition to the 8th floor prebuilt, we expect significant leasing activity over the course of this year and into 2012.”

“The Flatiron and Madison Park tenant community is a dynamic mix of new and established firms that extends across many industries," said Brian Robin, Monday Properties Chief Operating Officer.  "We have targeted, high impact renovation work to create a fresh work environment in the city’s most vibrant submarket.”

 In January 2011, the owners announced the closing of a $58 million loan from PCCP, LLC to finance this capital improvement plan and leasing program. Chase Bank’s ground floor lease renewal of its 12,000-square-foot retail space at 386 Park Avenue South was also announced in January as the first leasing benchmark.

 The building is conveniently located next to a number 6 subway station, offering transportation access directly adjacent to the building’s entrance.

 Leasing and marketing for the property is led by Jordan Berger of Monday Properties.

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