Savanna, Silvermintz look to sell Chelsea office building for $275M

Jay-Z’s Roc Nation is a tenant

TRD New York /
Mar.March 21, 2018 09:04 AM

Jay-Z, Chris Schlank and 540 West 26th Street (Credit: Getty Images and Morris Adjmi Architects)

Who wants to be Jay-Z’s landlord? An office building home to the rapper’s entertainment company has hit the block.

Savanna and the Silvermintz family are looking to sell a newly constructed Chelsea office building at 540 West 26th Street for around $275 million.

Roc Nation, an entertainment company founded by the rapper Jay-Z, occupies 73,000 square feet in the 166,000 square-foot property under a lease running through 2036. Avenues: The World School leased the remaining 85,000 square feet of office space through 2045.

Cushman & Wakefield has the listing. The property also includes 7,300 square feet of vacant retail space.

In 2015, Savanna and Silvermintz landed a $115 million construction loan from Deutsche Bank to fund the project.

Savanna acquired an unspecified stake in the building in 2014 for $24.7 million, according to the Commercial Observer. [REA] — Konrad Putzier

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