AEW acquires Hudson Square boutique for $86M

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AEW Capital Management (AEW) announced it has acquired 60
Charlton Street in Hudson Square for $86.1 million and recapped the boutique
office building with a $60 million loan from a fund run by Ares Management.

The property was sold by Berndt Perl and Kenneth
Aschendorf’s APF Properties, which paid for $64.9 million for the then
six-story building in 2017 and then carried out a major overhaul that doubled the
building’s size to create a 12-story 98,400 s/f Class A boutique office
building

“This is an opportunity to secure a great property and
selectively add to AEW’s Manhattan office portfolio,” said Michael Byrne, Chief
Investment Officer and Head of Private Real Estate and Debt at AEW.

“60 Charlton is a well-located jewel-box office building with proximity to transportation and residential neighborhoods including Greenwich Village, SoHo and Tribeca. The characteristics of the building match what we believe tenants are going to want as they come back to New York City and return to the office.”

Located on the southwest corner of Charlton and Varick
Streets, 60 Charlton is a 98,400 s/f Class A boutique office building situated
between Disney’s 1.2 million square foot office campus currently under construction
and Google’s new 1.3 million square foot headquarters at St. John’s Terminal.

Also known as 163 Varick Street, the building was originally constructed in 1925 as a six-story building. A full renovation completed in 2021 restored the original architectural details, rehabilitated the building with modern mechanical infrastructure and added six newly constructed stories, to create a 12-story brick and glass curtainwall steel and concrete framed building. Open floorplates ranging from 9,000 – 9,500 square feet allow flexibility and efficiency for practically any office layout concept.

The newly constructed office floors (7–12) feature
floor-to-ceiling glass and typical ceiling heights of 14 to 15 feet, with three
exposures on most floors, providing unparalleled light and city views. Tenant
amenities include a lobby fireplace, bike room and shower area, and an outdoor
roof deck with kitchen service area. 60 Charlton will be LEED Gold certified.

Construction is completed and the building is ready for
tenant buildouts.

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