Nonprofit Squash Club Nails Down FiDi Space at 100 Pearl
A nonprofit squash club is coming to 100 Pearl Street in the Financial District.
Open Squash, the city’s only public nonprofit squash club, finalized a long-term leasehold condo agreement for the entire 14th floor of the 29-story building, formerly known as 7 Hanover Square, according to managing agent GFP Real Estate. The 21,432-square-foot space will include eight squash courts, courtside bleachers, cafe, workout areas and locker rooms.
GFP’s Brian Steinwurtzel declined to discuss the terms of the leasehold, though condo leaseholds are typically 30 years, he said. Average rents in the building are in the $70s per square foot.
Open Squash will close on the purchase of the space this fall and expects to open in the spring of 2023.
“They’re a membership-driven organization, and if their members are telling them that they want a location downtown, that’s a good sign for the Downtown market,” said Steinwurtzel.
GFP and Northwind sold the 968,000-square-foot building to German investor Commerz Real Estate last year for $850 million, as Commercial Observer reported at the time. The property is 96 percent leased to a range of tenants, including NYC Health + Hospitals, the Securities and Exchange Commission, New York Legal Assistance Group, Alger Asset Management and Urbanspace food hall.
Hal Stein, Andrew Peretz, Ben Shapiro and Daniel Appel of Newmark, alongside Allen Gurevich and Steinwurtzel of GFP, represented Commerz Real Estate in the transaction. Robert Martin of JLL represented the tenant. Spokespeople for JLL and Newmark didn’t immediately return a request for comment.
“Squash is a unique sport — social yet competitive, focused on fitness but also incredibly fun — and we’re looking forward to building a squash community open to everyone at 100 Pearl Street,” said Cleve Miller, the executive director of Open Squash.
Rebecca Baird-Remba can be reached at firstname.lastname@example.org.