The owners of 425 Fifth Avenue, aka 10 Bryant Park between East 39th and 40th streets, landed\u00a0another big catch at their tower where Amazon recently signed for 330,000 square feet \u2014 and it all started with a game of pickleball.<\/p>\n
In one of Manhattan\u2019s largest retail-space deals this year, burgeoning\u00a0\u201cathletic urban country club\u201d Life Time signed for 52,000 square feet on four levels, including in the soon to be vacated, 17,000 square-foot Staples store.<\/p>\n
It will open in early 2027 behind a prominent Fifth Avenue entrance. The Life Time deal all but completes the leasing picture at the 865,000 address, which consists of three formerly separate structures\u00a0that include the 10-story Knox Building.<\/p>\n
425 Fifth Avenue, aka 10 Bryant Park between East 39th and 40th streets, center. Google Maps<\/p>\n
Life Time has 180 clubs in the US and Canada. Chief property development officer Parham Javaheri said 10 Bryant Park checked all the boxes for what he wanted in Midtown.<\/p>\n
\u201cWe want to serve both our residential and commercial cores,\u201d he said. \u201cAlthough the location is obviously more commercial, there\u2019s a lot of residential growth nearby as well.\u201d<\/p>\n
Life Time, founded by\u00a0chairman and CEO Bahram Akradi, has seven other Manhattan locations, two in Brooklyn, and another coming at the supertall Brooklyn Tower condo project.<\/p>\n
Javaheri said, \u201cWe want to grow methodically. Meaning, we want destinations that let us stay true to what Life Time is, and they require a lot of space.\u201d In fact, several others in the city are even larger than at 10 Bryant Park with 80,000 square feet each.<\/p>\n
The 10 Bryant Park edition will boast a luxurious, co-ed \u201cwet\u201d suite with steam rooms, saunas, hot tubs and cold plunges; a workout floor with best-in-class cardio and resistance-training equipment; \u00a0a recovery space with massage chairs and body-compression technology; and a half-dozen boutique-style studios for group fitness formats. \u00a0<\/p>\n
A rendering of the Life Time athletic club location at 10 Bryant Park, which is expected to open in early 2027. LIFE TIME<\/p>\n
Eli Elefant, CEO of 10 Bryant Park landlord Property & Building Corp., said, \u201cWe had the privilege or repositioning the building in a post-Covid world. It gave us the ability to reimagine what a commercial building can look like in a challenging environment.\u201d<\/p>\n
Elefant said, \u201cWhen we lost our big bank tenant, HSBC, we got all their antiquated space back. Our thought was to lean heavily into the tech sphere and market the former bank space to big users and we were ultimately successful.\u201d With the Amazon deal, the 30-story tower\u2019s office floors are 100% leased.<\/p>\n
What he called a \u201cblank slate\u201d after HSBC decided to move to The Spiral in Hudson Yards also suggested the need to deliver what Amazon and many other 21st Century tenants want: a \u00a0spectacular \u201cwellness\u201d amenity. \u201cWe didn\u2019t just want to build a gym,\u201d Elefant chuckled.<\/p>\n
Eli Elefant, center, the CEO of 10 Bryant Park owner Property & Building Corp., and Life Time chief property development officer Parham Javaheri, right, bonded over their vision during a pickleball game. LIFE TIME<\/p>\n
Introduced by brokers, he and Javaheri first met on Oct. 17, 2023. \u201cWe talked about a lifestyle-physical concept,\u201d Elefant said. \u201cI said,\u00a0\u2018Why don\u2019t we meet for a workout?\u2019\u201d<\/p>\n
Javaheri recalled, \u201cWe played pickleball at 1 Penn and at Sky on West 42nd Street. Eli told us what his vision was for a strong amenity. We formed a good friendship.\u201d \u00a0<\/p>\n
A rendering of the interior of the announced Life Time athletic club at 10 Bryant Park. LIFE TIME<\/p>\n
The competition \u201cwas a great way for him to humiliate me,\u201d Elefant laughed. \u201cBut I\u2019m a firm believed in personal synergies\u201d in a changed real estate market that needs to be \u201cless sharp-elbows than collaborative, although I\u2019m not sure everyone got the message.\u201d<\/p>\n
Atlantic Retail\u2019s Joe Mastromonaco represented Life Time and JLL\u2019s Patrick Smith acted for the ownership.<\/p>\n
Property & Building\u2019s parent company owns 14 million square feet of buildings in Israel, but 10 Bryant Park is the only one in New York it wholly owns although it has discreet investments at others.<\/p>\n","protected":false},"excerpt":{"rendered":"The owners of 425 Fifth Avenue, aka 10 Bryant Park between East 39th and 40th streets, landed\u00a0another big…\n","protected":false},"author":3,"featured_media":6212,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5122],"tags":[5229,64,7744,7745,405,403,5226,5225,5228,5227,7746,4329,7747,67,586,132,5230,68,2969],"class_list":{"0":"post-6211","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-america","9":"tag-business","10":"tag-fifth-avenue","11":"tag-leases","12":"tag-new-york","13":"tag-new-york-city","14":"tag-newyork","15":"tag-newyorkcity","16":"tag-ny","17":"tag-nyc","18":"tag-office-buildings","19":"tag-real-estate","20":"tag-realty-check","21":"tag-united-states","22":"tag-united-states-of-america","23":"tag-unitedstates","24":"tag-unitedstatesofamerica","25":"tag-us","26":"tag-usa"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114728970858522193","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/6211","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=6211"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/6211\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/6212"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=6211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=6211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=6211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}