Savanna, a New York City-based real estate investment manager, owner/operator and developer, announced a new 25,000-square-foot long-term lease at 48 West 25th Street with MediaCo Holding Inc., owner of New York radio stations Hot 97 and WBLS.
The 16-year, eight-month lease at the property comprises the entire second and third floors, as well as the partial basement and ground floors of the building. The space will also serve as the new broadcast studio and headquarters for Hot 97 and WBLS. 48 West 25th Street is a 12-story, 127,130-square-foot building located in the Madison Square Park submarket of Manhattan.
Savanna was represented by Ethan Silverstein, Theodora Livadiotis and Bruce Mosler with Cushman & Wakefield. MediaCo was represented by Anthony LoPresti, also with Cushman & Wakefield, in the transaction.
Savanna acquired 48 West 25th Street in 2018 and commenced a comprehensive capital improvement program in 2019, which included a full lobby renovation, retail façade renovation, and a new prebuilt program. The building transformation is nearing completion, with the lobby upgrade and retail storefront renovations already finished.