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A freight distribution center until it was shut down three years ago, a 1.5-acre site in New York City’s West Chelsea district was sold for $25 million to Washington Street Associates LLC. The group intends to redevelop it as a five-story, 300,000-sf office building. Bounded by Morton, Washington, West and Leroy Streets, the site takes up an entire block.

When the new building, to be known as 100 Morton St., opens in late 2001, it is expected to fetch rents in the high $40/sf range. Redevelopment of the neighborhood began several years ago, led by the Saatchi and Saatchi Building. Not long ago, the area was too far west for office space, says Peter Berman, senior managing director of Julien J. Studley Inc., which represented the buyer. “It’s a very hot market over there,” he says, ” and the demand shows no signs of abating.” Washington Street was formed by Donaldson Lufkin & Jenrette Real Estate Capital Partners, Thomas J. O’Gara and J.D. Carliste Development Corp.

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