An office building in the Financial District hosts a sports facility that could dwarf the neighborhood’s other leisure offerings.
Open Squash, a non-profit public squash facility, has signed a long-term co-ownership agreement at 100 Pearl Street, managing agent GFP Real Estate announced this week. The 21,000 square foot lease is located on the 14th floor of the building.
The space at the German investor’s Commerz Real property will feature 24-foot ceilings and eight squash courts with bleacher seating for spectators. There will also be a cafe and lounge area, changing rooms, practice areas and a reception area.
Open Squash is expected to close in the fall and open the location the following spring.
GFP declined to comment on the purchase price of the deal. Asking rents in the building average around $70 per square foot.
A Newmark team including Hal Stein and Andrew Peretz, along with an in-house team of Allen Gurevich and Steinwurtzel at GFP, represented Commerz Real. Robert Martin of JLL represented Open Squash.
The building at 100 Pearl Street is 96% leased. Tenants include NYC Health + Hospitals, Alger Asset Management and the SEC.
Commerz Real agreed in September to buy the building – formerly known as 7 Hanover Square – from GFP and Northwind Group for $850 million. The 964,000 square foot building was recently renovated for $250 million, including a new lobby, infrastructure upgrades, the addition of a food hall, and the creation of a roof and a pleasure lounge exclusive to tenants.
Squash fans have more opportunities than ever to play the sport – or something very similar to it. The city’s first padel club takes root in a 30,000 square foot warehouse in Williamsburg, courtesy of Santiago Gomez. The sport, one of the fastest growing in the world, is a combination of squash and tennis.