pearl studiosa rehearsal space that has hosted many high-profile Broadway productions, will reopen at 500 Eighth Avenue after closing at the start of the pandemic, Commercial Observer has learned.
The dance studio signed a new 10-year lease for 46,000 square feet on the entire third and fourth floors of the Garment District building between West 35th and West 36th streets, up to De Pennsylvania Stationaccording to the owner’s brokers at Walter and Samuels.
Pearl Studios occupied the space for 13 years before closing in March 2020, as the entire Broadway theater industry shut down for 18 months. The facility has hosted rehearsals for a host of well-known Broadway hits, including “Wicked,” “The Music Man,” “Ain’t Too Proud to Beg,” and “Waitress.”
Walter and Samuels‘ Steve Forest represented the owner, an investment group led by Walter and Samuels President David Berly, in the transaction. The tenant did not have a broker and the asking rent for the space was not disclosed.
“Like New York, the building is well positioned to come back better than ever,” added Berley, who is a producer of “Waitress.” “It’s a joy to be able to combine my passions for real estate and the arts in this transaction. The return of a tenant like Pearl Studios will ensure a vibrant building rental that remains rooted in the region’s diverse industries such as technology, finance, fashion, theater and the arts.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.