Upscale Gym Chain Club Studio Works Out a Deal in the Financial District
By Rebecca Baird-Remba November 27, 2023 2:17 pm
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Fitness International is bringing its upscale gym concept, Club Studio, to three floors of 59 Maiden Lane in the Financial District, according to owner AmTrust RE.
The gym inked a 36,500-square-foot lease for the entire retail portion of the building, occupying the basement, ground floor and mezzanine in the base of the 44-story, 1 million-square-foot tower. News of the deal was first reported in the New York Post.
A spokesperson for the landlord did not disclose the asking rent or lease length in the deal, but average asking rent for retail space downtown was $319 per square foot in the third quarter, according to CBRE’s latest market report.
The $189-a-month gym offers top-of-the-line cardio equipment, a large free weight area, fitness classes, and amenities such as steam rooms, cryotherapy, whirlpool spas and infrared saunas.
Nick Roberts, a senior vice president of real estate for Fitness International, said the company has already signed another lease near Columbus Circle and plans “to open at least six Club Studios in Manhattan within 36 months and many more in the greater New York area.”
Fitness International also owns L.A. Fitness, an Irvine, Calif.-based gym chain with more than 550 locations nationwide.
Chase Welles of the Shopping Center Group and John Kalamaras of the RealSource Group represented the tenants. David Abrams, Eliot Goldschmidt, Jeff Jacobson and Brandon Miller of Masonre brokered the deal for the landlord. Kalamaras and Welles didn’t immediately return requests for comment.
“Club Studio’s new lease at 59 Maiden Lane marks a pivotal moment in the revitalization of Downtown Manhattan,” said Jonathan Bennett, the president of AmTrust, in a statement.
Maiden Lane will be the eighth location for Club Studio, which has outposts in Irvine and Long Beach, Calif., along with soon-to-open outposts in Citrus Heights, Calif.; South Windsor, Conn.; Kingwood, Texas; Tysons Corner in Vienna, Va.; and the Miami Worldcenter development in Florida. The Irvine location, its first, opened in January.
The 57-year-old office tower at 59 Maiden Lane is fully leased, per AmTrust, and is located mid-block between Nassau and William streets.
“The expansive retail footprint, large outdoor plaza adjoining the building and ideal location at 59 Maiden presented an incredible opportunity, and we look forward to seeing the space activated by Club Studio,” said Masonre’s Abrams.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
