Martha Stewart’s got a new landlord.
The jumbo 2.3 million square foot office building at 601 W. 26th St. where the home décor diva has her 222,000 square foot offices and roof deck, was just sold for over $900 million to RXR Realty.
The price equates to about $400 per square foot.
Known as the Starrett-Lehigh Building, the full-block former industrial building is home to numerous fashion, tech and media tenants and has helped spur redevelopment in that area of Chelsea.
RXR Realty, led Scott Rechler, signed the contract to buy the building in April after it was marketed by its owners through Douglas Harmon, Adam Spies and Kevin Donner of Eastdil Secured.
Rechler’s partner in the deal is the Public Sector Pension Investment Board of Canada, which invests pension money for government employees, including the Royal Canadian Mounted Police.
Rechler has said he liked the building because he believed the area would continue to grow and that rents wold rise from their current $40 per square foot range to the $70 a square foot range in the future.
Since Rechler signed the contract, the second stretch of the High Line has also opened nearby bringing more visitors to the area.
The building is being sold by an investment group led by long-time owner Mark Karasick and the San Francisco-based Shorenstein Properties, which recapitalized the building about six years ago.
No one could be reached for comment.
