Planet Fitness joins at Magna’s Sheraton in Tribeca

Aug.August 21, 2013 03:36 PM

Planet Fitness signed a 15-year lease for 15,700 square feet on the lower level of the Magna Hospitality Group’s Sheraton Hotel in Tribeca, according to Newmark Grubb Knight Frank, which represented the owner in the deal.

The New Hampshire-based gym franchise is expected to arrive at 370 Canal Street, near Wooster Street, in Tribeca by January. However, its doors will not open until next summer, Kenji Ota of NGKF, who represented Magna, told The Real Deal. Asking rent for the space was $35 per square foot.

The 21-story, 360-room building will position Planet Fitness just east of the lobby, with direct street access to the ground-floor entrance. The owner intends for the gym to serve as a hotel amenity, but the brokers said they did not know whether guests will have free access.

“We could not divide the space because it only had one street level entrance. As a result, we targeted gym uses,” Ota said, adding that Planet Fitness is the sole retail tenant in the building.

Along with Ota, NGKF’s Jason Pruger and Aaron Cukier represented the landlord in the deal, while Richard Chera and Jordan Barker, both of Crown Retail Services, represented the gym. Neither Chera nor a Planet Fitness spokesperson could be immediately reached for comment.

In 2008, Sam Chang’s McSam Hotel Group sold the then-unfinished Sheraton Hotel to the Rhode Island-based Magna for $83.5 million.

Planet Fitness signed leases at two other Manhattan locations in June: 12-year and 20-year deals, respectively, at a 29,500-square-foot space at 423 West 55th Street in Midtown West and a 28,576-square-foot gym at 25 Broadway in the Financial District, as previously reported.

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