NEW YORKAfter initially acquiring a defaulted mortgage on 576 Fifth Ave., Savanna has acquired the Midtown Manhattan property for an undisclosed purchase price. The buyers were represented by the law firm of Cole, Schotz, Meisel, Forman & Leonard P.A.

Cushman & Wakefield Inc. will manage the property, with Joseph Lagano, senior managing director, and Robert Sweeney, director, leading the Cushman team. Todd Korren, principal, director of leasing, and Tal Masica of Savanna Commercial Services LLC will be responsible for leasing on behalf of ownership.

Savanna has a multi-million dollar capital improvement program planned for the 72,000-sq.-ft., boutique, multi-tenant office building, which will include upgrading of elevators, selective replacement and repair of the windows, roof replacement, façade restoration and system upgrades.