Brian R. Steinwurtzel and 100 Pearl Avenue (GFP Actual Property, LoopNet, iStock/Photograph Illustration by Steven Dilakian for The Actual Deal)
A Monetary District workplace constructing is bringing in a sports activities facility that would squash the neighborhood’s different leisure choices.
Open Squash, a public, non-profit squash facility, signed a long-term leasehold rental settlement at 100 Pearl Avenue, managing agent GFP Actual Property introduced this week. The 21,000-square-foot lease is on the 14th flooring of the constructing.
The area at German investor’s Commerz Actual property will embody 24-foot ceilings and eight squash courts with courtside bleacher seating for viewers. There may also be a restaurant and seating space, locker rooms, exercise areas and a reception space.
Open Squash is predicted to shut on the full-floor area within the fall and open the placement the next spring.
GFP declined to touch upon the acquisition value of the settlement. Asking rents within the constructing common round $70 per sq. foot.
A Newmark group together with Hal Stein and Andrew Peretz, in addition to an in-house group of Allen Gurevich and Steinwurtzel at GFP, represented Commerz Actual. JLL’s Robert Martin represented Open Squash.
The constructing at 100 Pearl Avenue is 96 p.c leased. Tenants embody NYC Well being + Hospitals, Alger Asset Administration and the SEC.
Commerz Actual agreed in September to buy the constructing — previously often known as 7 Hanover Sq. — from GFP and the Northwind Group for $850 million. The 964,000-square-foot constructing was not too long ago renovated for $250 million, together with a brand new foyer, infrastructure enhancements, the addition of a meals corridor and the creation of a tenant-exclusive rooftop and amenity lounge.
Squash lovers have extra alternatives than ever to play the game — or one thing that carefully resembles it. The town’s first padel membership is taking root in a 30,000-square-foot Williamsburg warehouse, courtesy of Santiago Gomez. The game, one of many quickest rising on the planet, is a mix of squash and tennis.
Contact Holden Walter-Warner