The Othership has landed with a splash in Williamsburg, Brooklyn.
Rubenstein Partners signed the bathhouse, which has two locations in Toronto, to a 10-year, 6,168-square-foot lease at 25 Kent Avenue near the Brooklyn waterfront, according to the landlord.
Othership bills itself as a “social bathhouse” and will offer ice baths, saunas and other wellness services when it opens in late 2024 or early 2025, according to the landlord.
Rubenstein Partners did not disclose the asking rent in the deal, but the average asking retail rents in the area of North Brooklyn was about $164 per square foot in the second quarter of 2023, according to a report from the Real Estate Board of New York.
“As the needs within our community are ever evolving, we continuously strive to curate a creative tenant base to best serve those growing needs, with the addition of Othership providing a vital outlet of emotional wellness to Williamsburg,” Elyssa Marcus of Rubenstein Partners said in a statement. “We look forward to serving as Othership’s first Brooklyn operation as we continue evolving the dynamic ecosystem of businesses at the building.”
Newmark (NMRK)’s Neal Ohm, Caleb Petersen and Michael Cohen represented Rubenstein in the deal while CBRE (CBRE)’s Cassie Durand and Aylin Gucalp negotiated on behalf of the tenant. Newmark and CBRE did not immediately respond to a request for comment.
Othership opened in Toronto in 2022 and secured $8 million in Series A funding earlier this year, with plans to open 20 locations around North America in the next five years, according to Fitt Insider.
Its new eight-story Brooklyn home was completed in 2019 and sits between Wythe and Kent avenues and North 12th and North 13th streets and was designed by Hollwich Kushner of HWKN Architecture and Gensler.
The 500,000-square-foot development was built in a joint venture with Heritage Equity Partners.
Mark Hallum can be reached at email@example.com.