Savanna along with its joint venture partner, the Silvermintz family, has announced the sale of 540 West 26th Street, a newly constructed nine-story, mixed-use building offering class A office and gallery retail space in the heart of Manhattan’s West Chelsea neighborhood. The purchaser is RAMROCK Real Estate.
The sales price was not disclosed; however, media outlets estimated it to be $257 million.
Savanna and Silvermintz leased the majority of the Morris Adjmi-designed, 166,810-square-foot building to Avenues: The World School, which occupies approximately 85,000 square feet, and a media/entertainment company, which will occupy approximately 72,000 square feet. The lease with Avenues was signed before construction began, and the lease with the media/entertainment tenant was secured in 2018.
Additionally, the building features 9,300 square feet of outdoor space, including a setback on the seventh floor and a private rooftop terrace with skyline views.
