Newmark Knight Frank (NKF) announced that Downtown Music Holdings is relocating and expanding to 155 Avenue of the Americas.
The privately-held Downtown, which owns, manages and develops multiple businesses within the music industry, has leased 26,399 s/f comprising the top two floors of the building — an expansion that more than doubles its current 10,000 s/f footprint.
NKF executive managing director Ross Perlman and managing director Ryan Gessin represented Downtown in the transaction.
“We are pleased to have identified a global headquarters that will support Downtown’s growth and maturity as a firm,” said Perlman. “155 Avenue of the Americas offers the perfect modern creative workspace for a company that continues to be at the forefront of today’s fast-changing music industry.”
“Our business has strong roots here in New York as the global music industry’s cultural and economic center. With our new headquarters just a few blocks from where we first started in Soho, Downtown can continue advancing our mission to create a more equitable and innovative music ecosystem around the world, while supporting the growth of our diverse music industry here at home,” said Justin Kalifowitz, CEO of Downtown Music Holdings.
New York City is arguably the headquarters for the global music industry, responsible for roughly $21 billion annually in economic output and supporting nearly 60,000 jobs, according to the Mayor’s Office of Media and Entertainment (MOME).
As the music industry in New York City continues to expand, Downtown will maintain the ability to both contribute to and benefit from the rich talent pool from across the music ecosystem.
155 Avenue of the Americas at the intersection of Spring Street and Avenue of the Americas in Soho is one of 12 buildings in the Hudson Square Properties portfolio.
The six million square-foot portfolio, a joint venture of Trinity Church Wall Street, Norges Bank Real Estate Management and Hines, as operating partner was formed in 2016.
It has been instrumental in the redevelopment of Hudson Square into a hub for creative industries and businesses drawn by the energy of this vibrant neighborhood and the flexibility offered by the large floor-plates of these former manufacturing buildings.
An NKF team led by Executive Managing Director Peter Shimkin, President New York Tri-State Region David Falk and Senior Managing Director Kyle Ciminelli represented ownership.