Sam Chang Signs $112M Deal for R/GA’s Garment Center HQ
Lauren Elkies Schram June 30, 2014, 11:48 a.m.
Prolific hotelier Sam Chang of the McSam Hotel Group signed a $112 million deal this past Friday to purchase 350 West 39th Street, home to global digital advertising agency R/GA, Commercial Observer has learned.
Mr. Chang said he doesn’t know yet what he wants to do with the site, which can accommodate a building of up to 300,000 square feet. When asked if he would erect a hotel, Mr. Chang replied: “It might be a residential and hotel combination. I don’t know yet.”
The seller, Robert Greenberg, R/GA’s founder, chairman and CEO, bought the two-story 1968 commercial building between Eighth and Ninth Avenues in 1984, as CO previously reported. R/GA will vacate the building next year. It wasn’t immediately clear where R/GA would be moving. A company spokesman didn’t immediately respond to requests for comment.
Robert Knakal of Massey Knakal Realty Services marketed the building, which is between Eighth and Ninth Avenues, with colleague David Kalish. Mr. Knakal declined to comment.