JLL announced that Arcade Songs, the independent music publisher headed by multi-platinum, Grammy Award nominated songwriter and producer, Gregg Wattenberg, will relocate to the newly-developed 60 Charlton St. boutique office building in New York City’s Hudson Square neighborhood.
The full-service recording and writing studio that works with artists including John Legend, Dean Lewis, Noah Kahan, Goo Goo Dolls, Anitta, Enrique Iglesias, KYGO, Train and Dove Cameron, has signed a 12-year lease for 18,970 square feet across the entire second and fourth floors of the jewel-box, 12-story building owned by AEW Capital Management in a joint venture with APF Properties and Drake Street Partners.
Arcade Songs will relocate from 587 5th Ave. to occupy the spectacular contiguous space that was created as part of a redevelopment of the property that removed the third floor to create a double-height spacewith 22.5 ft. ceilings on the second floor. The space will house Arcade’s state-of-the-art recording studios, with their executive offices on the floor above.
“We are honored to welcome such an accomplished songwriter and producer to 60 Charlton,” Mike Byrne, chief investment officer at AEW Capital Management. “Arcade Songs’ new offices will provide an ideal environment to continue to identify and nurture new talent in a neighborhood that pulses with the vibrancy of all that New York City has to offer.”
A JLL team that includes vice chairman Mitchell Konsker, executive managing director Benjamin Bass, senior vice presidents Kristen Morgan and Carlee Palmer, and associate vice president Harrison Potter, exclusively represent the 60 Charlton ownership group. Arcade Songs was represented by CBRE senior vice president Alex D’Amario, and first vice president Gary Davies. Asking rents on the floors Arcade leased were in the $90s psf.
“Arcade Songs plans to create a destination ‘Artist House’, bringing together the writers, producers, and artist communities of New York City,” said D’Amario of CBRE.
Located on the southwest corner of Charlton and Varick streets, 60 Charlton St. is a 98,400 square foot, Class A boutique office building situated between Disney’s 1.2 million square foot office campus currently under construction at 137 Varick Street and Google’s new 1.3 million square foot headquarters at St. John’s Terminal.
Ownership undertook a multi-million-dollar redevelopment of the property that 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 with floorplates ranging from 9,000 – 6,500 square feet. The property is LEED Gold certified.
Tenant amenities include a boutique-hotel style lobby with a fireplace and seating area, a bike room and shower area, and an outdoor roof deck with kitchen service area. Additionally, ownership just completed two full-floor prebuilds, helping tenants in today’s market focused on flexible move-in ready space that can be operational right away.
“The redeveloped 60 Charlton offers tenants an environment that injects creativity into the daily work routine,” said Konsker. “With best-in-class amenities and modern infrastructure, Arcade Songs can seamlessly connect with clients and collaborators while tapping into the collective vibrancy of the Greenwich Village, SoHo and Tribeca neighborhoods.”
“After seeing dozens of spaces in Manhattan, 60 Charlton stood out from all of the others with its nearly 30’ ceilings and incredible roof terrace. Ownership was very accommodating throughout the process and did everything they could to make this experience a pleasant one.”
The transaction with Arcade Songs follows a lease with international early-stage tech investor, Picus Capital, which signed a ten-year lease for the 6,520-square-foot penthouse at 60 Charlton in 2022. That 12th floor space features floor-to-ceiling glass, ceiling heights of over 15 feet, and a private terrace.
Situated at the nexus of SoHo, TriBeCa and the West Village, 60 Charlton is a short walk from three different subway lines, the PATH train to New Jersey, 10 minutes from Penn Station and 19 minutes from Grand Central Terminal.
About AEW
For over 40 years, AEW Capital Management, L.P. (AEW) has provided real estate investment management services to investors worldwide. AEW is one of the world’s largest real estate investment advisors. AEW and its affiliates manage $91.6 billion of property and securities in North America, Europe and Asia (as of March 31, 2023). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, Denver, London, Paris, Düsseldorf, Hong Kong, Seoul, Singapore, Sydney and Tokyo, as well as additional offices in seven European cities. For more information please visit www.aew.com. AEW includes (i) AEW Capital Management, L.P. and its subsidiaries and (ii) affiliated company AEW Europe SA and its subsidiaries. AEW Europe SA and AEW Capital Management, L.P. are commonly owned by Natixis Investment Managers and operate independently from each other. Total AEW AUM of $91.6 billion includes $42.0 billion in assets managed by AEW Europe SA and its affiliates, $4.2 billion in regulatory assets under management of AEW Capital Management, L.P., and $45.4 billion in assets for which AEW Capital Management, L.P. and its affiliates provide (i) investment management services to a fund or other vehicle that is not primarily investing in securities (e.g., real estate), (ii) non-discretionary investment advisory services (e.g., model portfolios) or (iii) fund management services that do not include providing investment advice. Staff, offices, and clients include AEW Capital Management, L.P. and AEW Europe SA and their respective subsidiaries.
About APF Properties
APF Properties is a fully integrated real estate investment firm, with a two million square foot commercial office portfolio valued at approximately $1.4 billion. Led by Kenneth Aschendorf and Berndt Perl, the company’s key competitive success factor is the repositioning of assets through extensive building upgrades, additions, re-tenanting and innovative branding campaigns. In New York it’s focus is on boutique buildings in ‘A’ locations which it has acquired and transformed into best-in-class properties utilizing their hands-on expertise and establishing an enviable track record delivering superior returns to its investors.
About Drake Street Partners
Drake Street Partners is a private real estate company that utilizes its extensive expertise to invest in real estate in the New York metro area. The company creates value for investors by acquiring and improving properties and focusing on repositioning, renovation, and intensive asset management. Drake Street Partners owns and operates over 1,500,000 square feet of properties with a total valuation in excess of $400 million. Stuart Milstein founded Drake Street Partners in January 2015 and has acquired over $5 billion of real estate assets. He has worked on the asset management, repositioning and lease-up of over five million square feet, primarily in the New York area.
About Arcade Songs
Arcade Songs is an independent music publisher headed by multi-platinum, Grammy Award nominated songwriter and producer, Gregg Wattenberg. Based in New York City, Arcade Songs is a creative music company that spans all genres. We’re committed to a select roster of talented writers that are both innovators and collaborators. We work hand-in-hand with our composers in all facets including co-writing activities, song-plugging, brand partnerships, and the opportunity to work with some of the top artists in music today. With a core focus on music publishing, our team strives to deliver maximum value from a catalog of exceptional songs. We have creative partnerships across the world in film and television, and our dynamic team of composers can create custom music for any need. Our passion for music is what drives us and we’re focused on seeing that our writers and repertoire become the future of music.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
