A brand-new health and wellness center, 51 Dream, has signed a 10-year lease at 44 Trinity Place in Lower Manhattan, Commercial Observer has learned.
The spa will include 1,800 square feet on a second-floor retail space at the block-through building between Rector Street and Exchange Alley, according to Eastern Consolidated. It will feature 15-foot ceilings, 20 feet of frontage and an entrance each along Trinity Place and Greenwich Street.
The spa is scheduled to move into the building, currently under construction, at the end of Jan. 2015. The landlord had used the space for storage for the past several years.
The property, which is near 1 World Trade Center, is a mixed-use residential and commercial building. It was built in 1900 and is comprised of 14,250 square feet.
Eastern Consolidated’s James Famularo and Ravi Idnani exclusively represented the landlord and tenant in negotiations.
“With the opening of 1 World Trade Center and ongoing redevelopment throughout the entire downtown area, there is tremendous demand for retail in this neighborhood,” Mr. Famularo said in prepared remarks. “The new spa is surrounded by 10 million square feet of Class A office space and new residential development, making it an ideal location for the new business.”
According to Mr. Famularo, the asking rent was $90 per square foot, $40 above the area’s average.
Commercial Observer was unable to contact 51 Dream.