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Deals & Dealmakers

The Well joins gym crowd in Flatiron

Madison Capital recently signed a lease with THE WELL, a membership-based wellness club designed for busy urban professionals at 71 Fifth Avenue.

THE WELL leased more than 13,000 s/fof retail in the landmarked building, which sits on the Southeast corner of East 15th Street and Fifth Avenue in the Flatiron District.

The company leased 4,710 s/f of ground-floor space with 18 ft. ceilings, as well as 8,330 s/f in the lower level.

Winick Realty Group represented 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 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.”

Set to open in early 2019, THE WELL will be home to integrative medicine doctors, health coaches and skilled practitioners. There will be a spa with steam & sauna, 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 experienced executives, including founder & CEO Rebecca Parekh, former COO of Deepak Chopra.

Currently there is 4,790 s/f of corner space on the ground floorof the building with 147 feet of wraparound frontage, available for
rent.

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