Madison Capital is pleased to announce that it recently signed a lease with THE WELL, a modern membership-based wellness club designed for busy urban professionals at 71 Fifth Avenue.
THE WELL leased more than 13,000 square feet of retail in the landmarked building, which sits on the Southeast corner of East 15th Street and Fifth Avenue in the heart of the Flatiron District. The company leased 4,710 square feet of ground-floor space with soaring 18-foot ceilings, as well as 8,330 square feet in the lower level. Winick Realty Group represented the landlord, Madison Capital, in the long-term lease transaction, while THE WELL was represented by Newmark Knight Frank.
Since purchasing the 99-year ground lease for the building, Madison Capital has enacted a significant capital improvement program, including the addition of a new lobby on East 15th Street and the modernization of five building elevators.
“We’re thrilled that THE WELL has found its new home in this ideal location,” said Jill Grabel Kirby of Madison Capital. “Flatiron has become a wellness and fitness destination, and this tenancy will be an excellent co-tenant for this vibrant Fifth Avenue corridor.”
“Flatiron has become one of the premier destinations for retailers due to its thriving population of office workers, residents and tourists,” said Baker. “Over the past few years, we’ve seen an influx of fitness tenants in the area and THE WELL will further build upon and innovate this trend, bringing a fresh concept to the neighborhood’s existing health-conscious customer.”
Set to open in early 2019, THE WELL will be home to the finest integrative medicine doctors, health coaches and skilled practitioners. Members will gain access to a variety of amenities, including full service spa with steam & sauna, an organic restaurant and vitamin bar, reflexology lounge, yoga and meditation studios, private training gym and classroom with innovative weekly programming. The concept comes from a team of highly-respected and experienced executives, including Founder & CEO Rebecca Parekh, Former COO of Deepak Chopra; Co-Founder & COO Sarrah Hallock, former marketing exec at vitaminwater, bai and wtrmln wtr and Co-Founder & Creative Director Kane Sarhan, former Head of Brand at 1 Hotels . Key practitioners at THE WELL will further include Dr. Frank Lipman, Chief Medical Officer; Dr. Keith Pyne, Head of Sports Medicine (clients include Kobe Bryant & A-Rod); and Aimee Raupp, Head of Chinese Medicine (endorsed by Arianna Huffington).
Currently there is 4,790 square feet of premier corner space on the ground floor with 147 feet of wraparound frontage, available for rent at the building. This remaining retail space fronts on Fifth Avenue and includes an awning and flag signage that are grandfathered. The incoming tenant will not only join THE WELL but also a diversity of technology and media office tenants that occupy the building’s upper office floors.
About Madison Capital
Madison Capital is a leading real estate investment and operating company focused on creating exceptional opportunities in evolving markets. Targeting income-producing, opportunistic and value-add opportunities in New York, Chicago, San Francisco, Miami and other gateway cities, the firm employs a focused and disciplined approach to its investments. Madison has grown its portfolio organically, acquiring one asset at a time since the firm’s inception in 2002 to over $2.5 billion of current assets under management. For more information, please visit the firm’s website at http://mcapny.com.
About Winick Realty Group
Established in 1982, Winick Realty Group LLC is one of New York’s prominent real estate firms specializing in retail leasing, investment sales and advisory services. Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies. Winick Realty Group LLC is highly recognized as a forerunner in the retail real estate market. For more information, please visit the company website www.winick.com.
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals serve from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark is a publicly traded subsidiary of BGC Partners, Inc. ("BGC") (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
