Life Time Bringing 7 Pickleball Courts to Penn 1
By Mark Hallum June 20, 2023 12:32 pm
reprints
Life Time isn’t dinkin’ around.
The lifestyle fitness brand is bringing three floors of pickleball courts to Penn 1 with a 53,000-square-foot lease with Vornado Realty Trust (VNO) as an added amenity to the repositioned office building, Life Time said. The New York Post first reported the deal.
The tenant and landlord did not disclose the asking rent or the length of the lease. A source told Commercial Observer in May that asking rent in the building was about $100 per square foot.
The first phase will open this summer and include only an athletic club, while the second phase will happen in the summer of 2024 with seven ground-level pickleball courts and a bar. Pickleballers will surely dink to that.
“The addition of Life Time’s premier athletic club offers our current and future tenants, neighborhood residents, and commuters a first-class health and fitness facility to enjoy daily,” Vornado Executive Vice President Glen Weiss said in a statement.
Joe Mastromonaco of Atlantic Retail represented the tenant in the transaction while Vornado had in-house representation. Mastromonaco did not immediately respond to a request for comment.
Life Time opened its New York City location at 605 West 42nd Street in 2016 and the company is expanding to The Brooklyn Tower at 55 Fleet Street, Brooklyn Crossing and a location on Park Avenue South in 2024.
The company is also planning an outpost in Arlington, Va.
Mark Hallum can be reached at mhallum@commercialobserver.com.
