AEW purchases boutique Soho office building for $86.2M

Property just underwent gut renovation and added 6 stories

New York /
Jul.July 30, 2021 08:00 AM
AEW Global CEO Jeff Furber (left), North America CEO Jonathan Martin and 60 Charlton Street (AEW, APF Properties)

AEW Global CEO Jeff Furber (left), North America CEO Jonathan Martin and 60 Charlton Street (AEW, APF Properties)

AEW Capital Management purchased a half-new, half-renovated boutique office building in Soho for $86.2 million.

The Boston-based global real estate investment manager purchased the 98,400 square-foot building at 163 Varick Street, also known as 60 Charlton Street, from APF Properties this month, according to property records.

APF had purchased the property in 2017 for about $65 million when it was half its current size. After gutting the former six-story industrial building, it added six floors with ceiling heights reaching 14 to 15 feet, according to an AEW press release. The renovations also included a fireplace in the lobby, bike room, shower area and roof deck with a kitchen.

The now-class A office building will be LEED Gold and includes new elevators, windows, stairs and energy-efficient HVAC system.

Meridian Group organized the recapitalization of the overhauled building, including an $81 million senior loan from a fund run by Ares Management and an equity infusion from AEW.

APF Properties was not available for comment. AEW declined to comment.





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