New Hudson Yards Office Asset Commands $257M

In a deal brokered by Fried Frank, Ramrock Real Estate purchased the recently completed building, which includes a large office component, a gallery and ground-floor retail.
540 W. 26th St.

Savanna has disposed of Chelsea 540, a premier mixed-use building in Manhattan. Ramrock Real Estate has paid $257 million for the 164,000-square-foot property, which was completed this March.

Chelsea 540 spreads cross nine floors at 540 W. 26th St., in the borough’s West Chelsea neighborhood. The property, which is part of the emerging Hudson Yards area, is surrounded by multiple eateries and cafes, art galleries, entertainment and accommodation options and parks. Trains, buses, subways and a CitiBike station provide transportation throughout the entire area.  

The property’s upper floors include 67,000 square feet of office space and a gallery, while the ground floor has a retail component. The asset features private rooftop and terraces, floor-to-ceiling windows and views of the Manhattan skyline, parks and Hudson River.  

Fried, Frank, Harris, Shriver & Jacobson LLP Partner Ross Silver, together with Associates Brian Helweil and Joshua Katz acted as counsel to the seller.

Image courtesy of Yardi Matrix