Meridian Capital Group Arranges Recapitalization of Newly Constructed Boutique Office Building in Hudson Square
Meridian Capital Group, LLC announced today that it has advised APF Properties, Drake Street Partners and AEW Capital Management on the recapitalization and refinancing of 60 Charlton Street, a newly constructed, boutique office building located in Hudson Square. The recently completed 98,400 SF, Class A building, which is located on the southwest corner of Charlton and Varick Streets, was developed by APF and Drake Street.
A team of Rael Gervis, Helen Hwang and Brian Szczapa advised the new ownership group on the recapitalization and refinance. The transaction included a new $81 million senior loan from a fund managed by the Real Estate Debt strategy of Ares Management, as well as an equity infusion from AEW to payoff existing debt and fund future leasing costs for the vacant building.
60 Charlton Street sits at the gateway of what is currently New York City’s most exciting office submarket. Situated between Disney’s 1.2 MSF office campus, which is under construction and located immediately to the south, as well as Google’s new 1.3 MSF Hudson Square headquarters at St. John’s Terminal, 60 Charlton Street will offer tenants a modern, boutique office experience that is virtually impossible to find in New York City. The building’s side core configuration allows for open floorplates ranging from 9,000 SF to 9,500 SF providing flexibility and efficiency for practically any office layout concept. The building is perfect for entrepreneurial companies seeking dynamic, inviting spaces that are reflective of their brand and culture, at an advantageous price point when compared to other newly built boutique office buildings. Ownership will continue to focus its attention towards maximizing the building’s potential by completing the initial lease-up thereby completing the transformation of 60 Charlton Street into the preeminent boutique office building in Manhattan.
The classic bones of 60 Charlton Street’s original structure – floors 2 through 6 – have been fully renewed with a complete gut renovation including a brand-new core, elevators, stairs, windows, HVAC, mechanicals and bathrooms; its ground level brick façade is entirely contextual with the surrounding neighborhood. The new office floors – from floors 7 through 12 – feature floor-to-ceiling glass with typical ceiling heights of 14 to 15 feet, as well as three exposures on most floors, providing some of the best light and air and views offered by any innovation boutique office building in the city. Amenities include a lobby with lounge seating and cozy fireplace, a bicycle storage room complimented by shower area, and expansive roof deck exclusive for tenant use with a kitchen service area. 60 Charlton will be LEED Gold certified and provides full redundancy with two telecommunications points of entry in diverse locations plus two telecommunications riser systems.
Helen Hwang, Senior Executive Managing Director of Meridian’s Institutional Investment Sales group can be reached at (212) 468-5930 or hhwang@meridiancapital.com.