A joint venture between New York-based real estate private equity and asset management firm Savanna and Atom Assets, a Hong Kong-based family office real estate investment platform, is planning to develop a trophy Midtown Manhattan office tower.

JLL’s Capital Markets has secured $40.4 million in acquisition and pre-development financing from Singapore-based United Overseas Bank for the project to be located at 106 W. 56th Street. The site will be developed into a 90,000 square-foot, 26-story, Class A boutique office building just blocks from ‘billionaire’s row.’

The Perkins Eastman-designed high-rise will feature multiple outdoor terraced setbacks and floor plates ranging from 5,000 square feet on the lower levels to 2,000 square feet on the upper floors. The existing nine-story office building will be demolished in early 2017 and completion of the new tower is expected in 2019.

With Central Park views on the upper floors, high-end office finishes and luxury amenities, the developer hopes 106 W. 56th Street will cater to the types of tenants who seek boutique, trophy office space in Midtown including hedge funds, family offices and high-net-worth individuals.

The West Fifties neighborhood of Manhattan is home to numerous well-known companies, hotels, performing art centers, and museums including Central Park, Columbus Circle, RockefellerCenter, Fifth Avenue retail, the Plaza Hotel, Carnegie Hall and RadioCity Music Hall. In addition, the neighborhood has seen an influx of ultra-luxury residential development such as One57, 111 West57th, Nordstrom Tower and 220 Central Park South.