The Milk Studios building in the Meatpacking District is nearing a sale to a Jamestown fund for $300 million.
The firm is said to be working on an all-cash purchase that would close by year-end. Jamestown also owns the Chelsea Market across the street, which was recently rezoned for another 300,000 square feet.
The eight-story office building bordering the High Line at 450 W. 15th St. was a successful 325,000-square-foot conversion from storage to a hip mix of arts, entertainment and fashion.
Luxury retailer Jeffrey has much of the 14th Street frontage, where loading docks are being converted to valuable storefronts.
Along with its namesake photography studio, Phillips de Pury and Chandler Chicco are the major upstairs tenants.
The pending deal was among the real-estate chatter at Tuesday’s Fried Frank holiday bash at Cipriani.
Current owners Stellar Management and Rockpoint bought the building in 2008 for $161 million through Douglas Harmon and Adam Spies of Eastdil Secured, and recently tapped the duo to resell the property.
This is the third time Harmon has marketed Milk, having first sold it for $55 million in 2004. He also sold Jamestown the Chelsea Market and was hired by it and Taconic Partners to sell 111 Eighth Ave. to Google for $1.8 billion.
Most recently, Harmon and Spies marketed 430 W. 14th St., which is in contract to Joe Sitt’s Thor Equities, for Ron Burkle. Now the duo is bringing in a development partner for the Romanoff family’s 860 Washington St.
Jamestown raises German pension-based investment funds and also owns 1 Times Square and 530 Fifth Ave., among others.
Executives from Jamestown and Eastdil did not return requests for comment.
