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.
Read more
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.