A non-profit squash club is coming 100 Pearl Street in the financial district.
Open squashthe city’s only nonprofit public squash club, has finalized a long-term co-ownership agreement for the entire 14th floor of the 29-story building, formerly known as 7 Hanover Square, according to the managing agent GFP Real Estate. The 21,432 square foot space will include eight squash courts, bleachers, a café, practice areas and changing rooms.
PFM Brian Steinwurtzel declined to discuss lease terms, though condo leases typically last 30 years, he said. Average rents in the building are around $70 per square foot.
Open Squash will complete the purchase of the space this fall and is expected to open in the spring of 2023.
“It’s a member-driven organization, and if their members tell them they want a downtown location, that’s a good sign for the downtown market,” Steinwurtzel said.
PFM and North wind sold the 968,000 square foot building to a German investor Commerz Immobilier last year for $850 million, as Commercial Observer reported at the time. The property is 96% let to a range of tenants including NYC Health + Hospitalsthe Security and Exchange Commission, New York Legal Assistance Group, Algiers Asset Management and Urban space dining room.
Hal Stein, Andrew Peretz, Ben Shapiro and Daniel Appel of Newmarknext to Allen Gurevich and Steinwurtzel of GFP, represented Commerz Real Estate in the transaction. Robert Martin of JLL represented the tenant. Spokespersons for JLL and NKF did not immediately return a request for comment.
“Squash is a unique sport – social yet competitive, fitness-focused but also incredibly fun – and we look forward to creating an inclusive squash community at 100 Pearl Street,” said Cleve Millerthe Executive Director of Open Squash.
Rebecca Baird-Remba can be reached at [email protected].