Institutional real estate private equity firm Savanna expects tenants for the two buildings it purchased in Chelsea to span the social media, advertising, IT and high fashion industries. Savanna acquired 245 and 249 W. 17th St., two adjacent classic loft-style buildings in the heart of Chelsea, totaling 284,000 rentable square feet. The purchase price was not disclosed; industry data indicate that Savanna has paid in the low-to-mid $400s per square foot for comparable Midtown South properties over the past year, which would put the value of the deal north of $100 million.

The transaction was part of a structured deal with Atlas Capital Group, which had originally executed an agreement in November 2010 to purchase the fee simple interest in both properties. The deal brings Savanna’s Manhattan office portfolio to more than four million square feet.

“Both buildings are located in the sweet spot of what is currently the tightest office leasing submarket in the country,” Kevin Hoo, a VP at Savanna, tells GlobeSt.com. “Additionally, they possess the open-space, high-ceiling loft aesthetic that appeals to the tenants searching for space in this submarket and will be significantly enhanced by our capital program which will completely overhaul the mechanical infrastructure, elevators and lobbies of both buildings.”