Pearl Studios Renews 46K SF, Tacks on Another Floor at 500 Eighth Avenue

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Broadway rehearsal studio rental company Pearl Studios is staying put in 46,000 square feet at 500 Eighth Avenue and adding the 23,000-square-foot third floor to its digs, Commercial Observer has learned.

SEE ALSO: Walter & Samuels Borrows $70 Million to Refinance Midtown West Office Tower

The company has been a tenant on floors four and 12 in the building between West 35th and West 36th Streets for 11 years and has now renewed for 12 years. In addition, the company added the third floor via a lease to run concurrently, according to a spokeswoman for Walter & Samuels. The property is owned by a group led by Walter & Samuels Chairman David I. Berley. The asking rent was $52 per square foot, she said.

The third floor was previously occupied by a Daytop Village outpatient drug program.

“This lease marries my love of real estate to my lifelong interest in Broadway,” Berley, a producer of the Broadway show Waitress, said in a prepared statement. “I’m thrilled that Pearl Spaces will now be able to offer Broadway productions, including Waitress, more space within our building to rehearse for their shows.”

Pearl Studios will build out the space and plans to expand onto the third floor around May 1, the Walter & Samuels spokeswoman noted.

The 12-story 1922 building contains 225,000 square feet of office and retail space. Tenants include Staples, New York City Department of Education and Graphic Visions Group.

Walter & Samuels’ James Gladstone negotiated the lease directly with the tenant.