Rockrose to move HQ to Madison Square Park condo

Developer just purchased the unit for $105M from Savanna

TRD New York /
Dec.December 17, 2013 03:58 PM

Developer Rockrose will move its headquarters from Midtown to a commercial condominium at 15 East 26th Street, which the firm just purchased from real estate investment firm Savanna for $105 million, Rockrose president Justin Elghanayan told The Real Deal.

Rockrose, which is currently based at 666 Fifth Avenue, will move its offices to the 20-story building, between Madison and Fifth avenues, sometime next year, Elghanayan said. The condo comprises the entire office portion of the building — about 150,000 square feet of space, Elghanayan confirmed.

The building also houses a retail outpost for haute designer Vera Wang’s bridal line, and 81 residential condominiums, according to StreetEasy.

Savanna announced the sale of the boutique mixed-use building this afternoon. The transaction closed today, Elghanayan said.

Elghanayan cited rising activity in the area as the reason for the move, pointing to Ian Schrager’s Clock Tower Edition Hotel which is rising nearby at 5 Madison Avenue and the Witkoff Group’s condo conversion project at 10 Madison Square West, which launched sales in July.

“Also, it’s nice to be in your own building,” he said.

Savanna bought the office portion of 15 East 26th for $57 million last year and planned a $9 million upgrade of the space.

“We are pleased that upon completion of our business plan and leasing efforts at 15 East 26th Street, we will be able to deliver exceptional returns to our investors,” Nicholas Bienstock, a managing partner at Savanna, said in a statement. “Rockrose is acquiring a terrific asset in a market where we see strong demand and great additional opportunity.”

Craig Deitelzweig, head of Rockrose’s office division, represented the firm in-house. Adam Spies, Doug Harmon, Adam Doneger and Joshua King of Eastdil Secured represented Savanna, according to the firm.


Related Articles

arrow_forward_ios
2417 Third Avenue in the Bronx (Credit: Google Maps)

Savanna’s Bruckner Building goes into contract for $65M

The development site at 98 Dekalb Avenue and Rockrose Development's Justin and Henry Elghanayan (Credit: Google Maps)

Rockrose is moving into Brooklyn

Savanna’s Chris Schlank, Altice CEO Dexter Goei, and One Court Square

Savanna rebounds following Amazon loss

Savanna's Chris Schlank and Nick Bienstock with 360 Lexington Avenue

Savanna in contract to buy Midtown East office building

Chris Schlank and Nicholas Bienstock of Savanna with 24-28 West 25th Street (Credit: Google Maps)

Savanna in contract to buy Flatiron District building for $110M

Savanna picks up 521 Fifth Ave for $381M

Savanna picks up 521 Fifth Ave for $381M

Savanna’s Chris Schlank blames Cuomo’s “hubris” and de Blasio’s “weakness” for Amazon ditching New York

Savanna’s Chris Schlank blames Cuomo’s “hubris” and de Blasio’s “weakness” for Amazon ditching New York

Savanna struggling to recapitalize emptyting LIC office tower: report

Savanna struggling to recapitalize emptyting LIC office tower: report

arrow_forward_ios