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Squash club starting a racket at 100 Pearl Street office tower

Open Squash courted 21K sf facility in FiDi

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.

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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.

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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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Commercial Real EstateFinancial DistrictGFP Real Estate