Equinox Renews for 20 Years at Paramount Group’s 1633 Broadway
By Lauren Elkies Schram February 2, 2016 1:30 pm
reprints
Equinox Fitness is staying put in its 28,000-square-foot space at Paramount Group’s 1633 Broadway, Commercial Observer has learned.
The renewal at the 2.6-million-square-foot office tower between West 50th and West 51st Streets, called Paramount Plaza, is for 20 years, said an Equinox spokesman, who declined to cite the asking rent. The gym has occupied the lower-level space since 2000, according to the spokesman.
“It’s a great performer, excellent location and integral part of our portfolio in Manhattan,” he emailed.
Albert Behler, the chairman, president and chief executive officer of Paramount, mentioned the renewal at a CO event last week.
“We still have the piano player,” Mr. Behler said, speaking of the building’s amenities. “But there are other amenities as well. We have Equinox, for example, in our building. We just extended their lease and we have the Gershwin Theatre. And we are in the process of renovation—I can’t go into too many details right now—the retail area. We have a glass cube. That will be a very, very interesting retail use.”
The 733-square-foot Apple (AAPL)-inspired glass cube was slated to be FAO Schwarz’s entrance. It will be in a public plaza on West 51st Street. As CO reported last August that FAO Schwarz’s deal for a new home in 40,000 square feet in the building fell through a week before the deal was signed because FAO wanted to open a FAO and Toys “R” Us combination store, and Paramount “didn’t want a Toys in front of a Class A office building,” according to a source. Other tenants in the 48-story building include record company Warner Music Group, law firm Kasowitz, Benson, Torres & Friedman and investment adviser Allianz Capital Partners of America.
Mr. Behler said last week that “most probably” there will be one tenant occupying the entire 50,000-square-foot retail space, and that the tenant will be lined up within six months.
Paramount’s Ted Koltis handled the deal in-house for the landlord.
Equinox is a subsidiary of developer Related Companies. A spokeswoman for Related referred inquiries to Equinox’s representative.
A Paramount spokesman declined to comment, citing “a quiet period in advance of [the company’s fourth-quarter 2015] earnings.”
With additional reporting provided by Terence Cullen.
