Soon, you can find Property & Buildings Corporation’s executives up in the gym at 10 Bryant Park, working on their fitness.
Life Time signed a 20-year lease for 52,000 square feet at PBC’s Midtown Manhattan office tower, the Commercial Observer reported. Life Time will operate a fitness and wellness club across four stories of the building, expected to open at the end of next year.
Asking rent on the deal was not disclosed. In the first quarter of the year, the average asking rent for retail space in Manhattan was $659 per square foot, according to CBRE. Union Square Hospitality Group is also negotiating for 5,000 square feet at the property, which would bring its retail space to full occupancy.
The space will include a co-ed wet suite, a steam room, a sauna, a cold-plunge pool, fitness studios, training spaces, spas, a coworking space and a library.
Atlantic Retail’s Joe Mastromonaco brokered the deal on behalf of the tenant.
Life Time has grown to a double-digit number of locations in New York City. Most prominent among them may be the 80,000-square-foot lease at Silverstein Properties’ Brooklyn Tower in Downtown Brooklyn, as well as a lease in Prospect Heights that represented 2023’s biggest retail lease in the borough.
As for PBC and 10 Bryant, it was only a couple of months ago when it was revealed that Amazon signed a 15-year lease for 330,000 square feet at the property, replacing space vacated by former anchor tenant HSBC. The building is adjacent to the Lord & Taylor building Amazon purchased in 2020 for $1.2 billion and uses as its Manhattan headquarters.
Amazon also has an option to expand its space by 145,000 square feet at a smaller building on 39th Street behind 10 Bryant Park, also owned by PBC.
PBC acquired the 30-story tower for $330 million, or $381 per square foot, in 2010 from HSBC. Andrew Chung’s Innovo Property Group submitted a winning bid of $855 million to purchase the property a few years ago, but failed to close on the acquisition.
— Holden Walter-Warner
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