Squash club starting a racket at 100 Pearl Street office tower

Open Squash courted 21K sf facility in FiDi

New York /
May.May 27, 2022 08:00 AM
Brian R. Steinwurtzel and 100 Pearl Street (GFP Real Estate, LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)

Brian R. Steinwurtzel and 100 Pearl Street (GFP Real Estate, LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)

A Financial District office building is bringing in a sports facility that could squash the neighborhood’s other recreational offerings.

Open Squash, a public, non-profit squash facility, signed a long-term leasehold condo agreement at 100 Pearl Street, managing agent GFP Real Estate announced this week. The 21,000-square-foot lease is on the 14th floor of the building.

The space at German investor’s Commerz Real property will include 24-foot ceilings and eight squash courts with courtside bleacher seating for viewers. There will also be a cafe and seating area, locker rooms, workout areas and a reception area.

Open Squash is expected to close on the full-floor space in the fall and open the location the following spring.

GFP declined to comment on the purchase price of the agreement. Asking rents in the building average around $70 per square foot.

A Newmark team including Hal Stein and Andrew Peretz, as well as an in-house team of Allen Gurevich and Steinwurtzel at GFP, represented Commerz Real. JLL’s Robert Martin represented Open Squash.

The building at 100 Pearl Street is 96 percent leased. Tenants include NYC Health + Hospitals, Alger Asset Management and the SEC.

Commerz Real agreed in September to purchase the building — formerly known as 7 Hanover Square — from GFP and the Northwind Group for $850 million. The 964,000-square-foot building was recently renovated for $250 million, including a new lobby, infrastructure improvements, the addition of a food hall and the creation of a tenant-exclusive rooftop and amenity lounge.

Squash lovers have more opportunities than ever to play the sport — or something that closely resembles it. The city’s first padel club is taking root in a 30,000-square-foot Williamsburg warehouse, courtesy of Santiago Gomez. The sport, one of the fastest growing in the world, is a combination of squash and tennis.





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