Wellness Brand Signs Manhattan Retail Lease

Life Time Inc. has signed a 20-year, 52,000-square-foot retail lease at Property & Building Corp.’s 10 Bryant in Manhattan. The wellness brand will occupy four floors at the 865,000-square-foot office property starting early 2027.

This year’s first quarter saw Manhattan’s average asking rents in its prime retail corridors reach $659 per square foot, reflecting a 5 percent decline from the previous quarter and a 4 percent drop year-over-year, according to a CBRE report.

Meanwhile, the number of direct ground-floor availabilities in Manhattan’s high street retail declined to 188 from 194, marking a 3 percent decrease compared to the previous quarter, though still 2 percent higher than the year before.

A Manhattan office asset

Located at 452 Fifth Ave., the LEED Gold-certified 10 Bryant comprises four interconnected buildings that were completed between 1904 and 1926 and most recently renovated in 2014. PBC has owned the asset for the past 15 years, having purchased it from HSBC Bank USA in a $330 million portfolio deal, the same source shows. The property’s retail component totals some 80,400 square feet.

Life Time will occupy space within the office complex’s tallest structure, a 30-story tower with floorplates ranging from 16,500 to 41,000 square feet. Amenities at the tenant’s new location will include a cold-plunge pool, steam room, luxury spa with red light therapy, fitness studios with yoga spaces, as well as coworking areas and a library.

Amazon recently signed a 15-year, 330,000-square-foot lease at 10 Bryant, according to CommercialEdge information. The office tenant roster also features Generate Capital, Brighton Park Capital Management, Tilden Park Capital and 17Capital. The property is on the southwest corner of Fifth Avenue and 40th Street in Midtown Manhattan, overlooking Bryant Park.