Savanna, a New York-based real estate private equity and asset management firm, announced this week that it had formed a joint venture with the Silvermintz Family and Jamison Weiner to develop 540 W. 26th St., a 160,000-square-foot office and art gallery building. Designed by Morris Adjmi Architects, the nine-story, 160,000-square-foot building will cater to office, art gallery and community facility tenants. Weiner, of the Manhattes Group, will be the exclusive leasing agent for the property, according to a GlobeSt.com report. Construction is expected to begin this summer.
"We are excited to introduce a state-of-the art office and gallery building to West Chelsea, which has become an epicenter of art, new media, technology and residential development in Manhattan," said Christopher Schlank, Managing Partner at Savanna, in a statement. "West Chelsea has grown exponentially in recent years and we look forward to being part of the continued transformation of the neighborhood."
"This site has been owned by my family for quite some time and Jamie Weiner and I have spent the last 15 years preparing it for a large scale development that we knew was going to be in the future of this neighborhood," said Michael Silvermintz. "We are very fortunate to have joined forces with the team at Savanna who share the same values, vision and drive that we have to bring a first-class property to the area and to contribute to the spectacular neighborhood of West Chelsea."
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