Cushman & Wakefield announced today that it represented 1199 Housing Corporation in a 20-year lease of its Recreation Center to the Dwight School. The Center is scheduled to reopen in the spring, as the Dwight School Athletic Center.
The Dwight School plans to invest $2 million in renovations and will occupy the approximately 40,000-square-foot space.
A Cushman & Wakefield team, led by Fred Smith, Vice Chairman, Robert Ballard, Executive Vice President, and Omar Farooq, Senior Associate, represented 1199 Housing Corporation in the transaction. The Dwight School was represented in-house.
“This transaction is a win-win for both the residents of the housing complex and the Dwight School. The Center will be used by the School students during and after school, and the residents of the housing complex will have shared use of the Center at no cost to them,” said Mr. Smith. “It’s not often that we as real estate professionals get an opportunity like this to work on a transaction that has such a positive impact on the community.”
The Dwight School will upgrade the center with a regulation-size high school gym, a 25-yard swimming pool, exercise rooms, locker rooms, saunas and a rooftop space on which two tennis courts will be built.