Pet Store, Wellness Company Ink Deals at MAG Partners’ Chelsea Development
By Isabelle Durso November 7, 2024 2:05 pm
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Pet store Pet Evolution and wellness company Saint are moving into MAG Partners’ newly built luxury apartment development, called Ruby, at 243 West 28th Street in Chelsea.
In the larger deal, Pet Evolution, which has more than 10 locations across the U.S. and offers high-quality pet products, signed a 10-year lease for 2,000 square feet of retail space on the ground floor of the 480-unit building, according to landlord broker Cushman & Wakefield (CWK). The asking rent was $150 per square foot, tenant broker KSR said.
Meanwhile, Saint, which will offer customers private saunas and cold-plunge rooms, is taking 1,100 square feet on the ground floor for its debut location, C&W said. The lease is for 10 years, while the asking rent was not provided.
“With the addition of Pet Evolution and Saint to Ruby, our vision for a residence that promotes health and well-being is further advanced,” MAG Partners CEO MaryAnne Gilmartin said in a statement. “Their services will be valuable additions to the Chelsea community and an ideal amenity to Ruby residents and pets.”
Both businesses are set to move into Ruby in late 2025, according to the landlord.
C&W’s Alan Schmerzler, Sean Moran, Pat O’Rourke and Catherine Merck brokered the deals for the landlord, while KSR’s George Skaliarinis represented Pet Evolution and CBRE’s Kristen Crossman-Fox represented Saint.
A spokesperson for Pet Evolution did not immediately respond to a request for comment, while a spokesperson for Saint could not be reached for comment.
Ruby, located between Seventh and Eighth avenues, was designed by CookFox Architects and includes approximately 8,500 square feet of ground-floor retail space, according to the landlord’s website.
MAG Partners secured a $196 million refinancing loan in July 2023 from Elliott Investment Management for the luxury rental project, as Commercial Observer previously reported. Leasing opened last year, and Ruby reached 98 percent occupancy in July, C&W said.
Isabelle Durso can be reached at idurso@commercialobserver.com.
