Savanna closes deal for $180M Lexington Avenue space

Savanna closed Monday on its planned $180 million purchase of 360 Lexington Ave. from AEW Capital Management. The deal was financed with a $126 million Barclays loan that was arranged by Eastdil Secured.

Savanna plans a $20 million capital improvement program to include lobby and entrance renovation, a prebuilt program and infrastructure upgrades.

The Grand Central-area building at East 40th Street is about 82% leased. Asking rents are in the high-$60s per square foot on lower floors and the high- $70s on higher floors.

Marketing and leasing will be led by a JLL team of Mitch Konsker, Barbara Winter, Ben Bass and Kip Orban.