Immersive Media Art Exhibition Arte Museum Takes 52K SF at Chelsea Piers
By Isabelle Durso September 24, 2024 12:20 pm
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Arte Museum, an immersive media art exhibition by design company D’strict, will soon open at Chelsea Piers.
D’strict signed a long-term lease for 51,979 square feet of exhibition space at Vici Properties’ 28-acre sports and entertainment complex on the Hudson River waterfront, according to broker CBRE (CBRE).
The new art exhibition will center around the theme “eternal nature” and reinterpret various elements and spaces in nature through digital installation, CBRE said.
“We are seeing a significant surge in demand for real estate that supports large experiential and hospitality-driven venues,” CBRE’s Anthony Dattoma, who brokered the deal for the landlord along with Neil King, Anthony Jasenski and Paul Amrich, said in a statement. “We were fortunate to have advised Chelsea Piers on this unique, one-of-a-kind venue. The iconic, self-contained Chelsea Piers studio space is ideal for Arte Museum’s first foray into New York City.”
A spokesperson for CBRE declined to provide the asking rent and the exact length of the lease, but a report from CBRE found retail rents in Manhattan averaged $716 per square foot during the second quarter of 2024.
CBRE’s Joel Stephen and Preston Cannon, who represented the tenant in the deal, did not immediately respond to requests for comment.
D’strict, known for its public media art “Wave” at the Coex exhibition center in Seoul, has already opened eight Arte Museum locations in South Korea, China and the U.S. It’s unclear when it plans to open its Chelsea Piers outpost.
Arte Museum has attracted 8 million visitors with its “unique multisensory experience blending reality and fantasy,” according to Sean Lee, CEO of D’strict.
“Following our successful launch of Arte Museum Las Vegas last year, we are proud and excited to introduce Arte Museum New York to the world’s most iconic cultural landscape, enriching its diverse tapestry of art, culture and commerce with our innovative offerings,” Lee said in a statement.
David Tewksbury, a managing partner of Chelsea Piers, said in a statement that “the quality, scope and breadth of [D’strict’s] digital art exhibitions will mesh perfectly with the existing West Chelsea art vibe.”
In December 2023, real estate investment trust Vici bought Chelsea Piers for $343 million from Roland Betts, who developed the complex in 1995, Crain’s New York Business reported. As part of that same transaction, Vici leased the property back to Betts for 32 years at an initial annual rent of $24 million, according to Crain’s.
Isabelle Durso can be reached at idurso@commercialobserver.com.
