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Savanna Under Contract To Sell Chelsea540 For $260M

Rendering of Chelsea540 at 540 West 26th St.

Savanna has reportedly found a buyer for its newly built Chelsea office building.

Lincoln Property Co. is paying $260M, or $1,560 per SF, for the 165K SF retail and office building at 540 West 26th St., the New York Post reports. If it closes for that figure, it will be the second-highest price per SF reached in Chelsea, behind the more-than-$2K per SF sale of Chelsea Market to Google earlier this year.

Savanna paid $24.7M for the land back in 2014 and developed the building, now known as Chelsea540, with the Silvermintz family.

Earlier this year, Savanna paid $640M to Blackstone for 5 Bryant Park. The firm is currently trying to fill more than 1M SF at One Court Square in Long Island City that Citigroup will vacate as part of a downsizing.

Cushman & Wakefield’s Doug Harmon, Adam Spies, Adam Doneger and Joshua King brokered the deal.