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Savanna Trades West Chelsea MXU to Dallas-Based Ramrock
Savanna and the Silvermintz family have sold 540 West 26th St., a newly constructed nine-story, mixed-use building in West Chelsea, to Dallas-based Ramrock Real Estate. Deal terms were not disclosed; the 166,810-square-foot property reportedly traded for $257 million.
Most of the space at 540 W. 26th is occupied by two tenants which have a combined footprint of 157,000 square feet. They’re Avenues: The World School, and an entertainment tenant identified in published reports as Jay-Z’s Roc Nation. NKF’s David Falk, Peter Shimkin, Daniel Levine and Nick Berger represented ownership in leasing the space.
“We were able to offer investors a stabilized asset with two high-quality tenants in place, and there was considerable interest in the investment,” said Savanna’s Christopher Schlank.
Cushman & Wakefield’s Adam Spies, Doug Harmon, Joshua King, Kevin Donner, Adam Doneger and Anthony Pasqual arranged the sale. Ramrock was represented by Jim Stein of Lincoln Property Company.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
