The property involved in this transaction is located at 121 E 40th St, New York, NY, 10016, situated within the New York market. It is part of a 24-story office tower owned by Savanna, totaling 268,383 square feet, with floorplates ranging from 4,000 to 15,200 square feet. Webster Bank has renewed and expanded its lease to occupy a total of 30,622 square feet, comprising an extension of an existing 22,522-square-foot lease along with an expansion for an additional 8,100 square feet. The property has undergone renovations through a $20 million capital improvement plan, now featuring a renovated lobby, entrance, and prebuilt suites, while also achieving a WELL Health-Safety Rating.

Summary of transaction details:

• Property Type: Lease
• Transaction Amount: Not specified
• Address: 121 E 40th St, New York, NY, 10016
• Tenant: Webster Bank
• Landlord: Savanna
• Landlord's Representative: Kip Orban (JLL)
• Broker: Jeff Szczapa (JLL)
• Square Feet: 30,622

This transaction was facilitated by JLL's Martin Horner, Jeff Szczapa, and Drew Saunders, representing Webster Bank for a lease exceeding 10 years. Savanna's representation in the deal included Mitchell Konsker, Barbara Winter, Benjamin Bass, Kip Orban, and Thomas Swartz. Linhadley Eljach, vice president at Savanna, noted that the Webster Bank expansion is among several transactions since acquiring the property in August 2019 for $180 million from AEW Capital Management, highlighting strong leasing activity at the site.