14 August, 2019Print
Newmark Knight Frank Announces Downtown Music Holdings’ Relocation and Expansion at 155 Avenue of the Americas
New York, NY (August 14, 2019) — Global commercial real estate advisory firm Newmark Knight Frank (NKF) is pleased to announce that Downtown Music Holdings (Downtown) 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 square feet comprising the top two floors of the building—an expansion that more than doubles their current 10,000-square-foot 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.
Downtown Music Holdings (www.downtownmusic.com) is a global company that owns, manages, and develops businesses with a vision for a more equitable and innovative music ecosystem. With operations across North America, Europe, Asia, Australia, and Latin America, we are the world’s leading provider of end-to-end services to artists, songwriters, labels, music publishers and other rights holders. Through our portfolio of companies -- Downtown Music Publishing, Songtrust®, AVL Digital Group, and Downtown Music Studios -- we manage millions of music copyrights, with a catalog that spans more than 100 years of popular music, including music for film and television, and the single largest independent sound recording catalog in the industry. Our integrated platforms help democratize global music rights management and simplify the distribution, monetization, and promotion of creative works.
About Newmark Knight Frank
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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