Databricks Doubles Space at Savanna’s 5 Bryant Park
Databricks is doubling down at 5 Bryant Park less than a year after moving into the Midtown office tower.
The data software firm announced it is set to expand its lease at the Savanna office tower to 120,000 square feet. The deal means Databricks will occupy five floors at the building.
Other terms of the expansion — including duration, size and asking rent — were not disclosed. The Class A average asking rent in Midtown was $91.08 per square foot in the third quarter, according to Colliers data reported by the Commercial Observer.
Representatives for Savanna and CBRE — which serves as the leasing representative at the property — did not respond to requests for comment.
Other occupants of the 680,000-square-foot building include architectural firm HOK, food delivery platform Grubhub and payroll servicer CBIZ, the Observer reported.
In December, Savanna secured a $510 million refinancing for the office tower from King Street Capital Management and Blue Owl Capital. The floating-rate loan retired a $463 million commercial mortgage-backed securities loan and helps fund improvements, including an amenity center and tenant spaces.
The real estate investment firm had previously missed a required balloon payment on the debt, which matured last June, according to CRED iQ. Savanna took out the loan to finance its acquisition of the property; Savanna acquired the 34-story property from Blackstone in 2018 for $640 million.
Chris Schlank and Nick Bienstock’s Savanna has been an active trader in New York’s office market. In June, it was in contract to sell a pair of properties around Madison Square Park to Kaufman Investments for a combined $125 million
Also in June, Olmstead Properties snapped up a Midtown office building from Savanna for $108 million, a steep markdown from its last trade in 2017, The Real Deal learned.
Last September, Savanna acquired the leasehold on Westbrook Partners’ 444 Madison Avenue for $50 million, its third office property acquisition in New York in nine months.
Databricks expanded its San Francisco footprint at 1 Sansome Street by 90,000 square feet with a new lease in March, bringing its total space in the Financial District tower to approximately 240,000 square feet.
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