A sublease agreement has been finalized for the former Haven on the Lake space on the Columbia Lakefront. THE pearl Modern Spa & Boutique will begin operating out of the Howard Hughes building this summer.
Columbia Association (CA) has been actively working with commercial real estate services firm Cushman & Wakefield even before Haven on the Lake closed on April 30, 2021. Discussions with THE pearl began in March 2021, but the sublease agreement required substantial negotiation and several approvals, including the latest one from Howard Hughes Corporation.
“Not only will a beautiful space on the Lakefront once again be occupied, but this development also allows CA to follow through on our responsibility to be good stewards of our finances,” President/CEO Lakey Boyd said. “We are pleased THE pearl saw the potential of this space. We look forward to seeing our community once again be served in this capacity on the Lakefront.”
“We are so grateful to both the Columbia Association and Howard Hughes for giving our small business this extraordinary opportunity,” THE pearl CPO Kassi Buscher said. “It’s truly a dream come true for THE pearl. We have aspired to become a space of whole-self healing, and we look forward to being a pillar of wellness for downtown Columbia and the entire region.”
“Closing Haven on the Lake was an extremely difficult decision, one we know was painful for members,” Director of Sports & Fitness Dan Burns said. “But we owe it to everyone who supports CA to hold ourselves to a high level of fiscal responsibility.”
As a direct result of this agreement, CA will save approximately $2.5 million over the remaining duration of the lease.
“I think it is important that our Columbia community understands the direct connection between this business decision and our ability to provide or enhance other valued CA services,” Boyd said. “Eliminating Haven’s operational costs from our budget was an important step in demonstrating our fiscal responsibility. Now, with this sublease agreement, CA will be able to recoup about half of its lease obligations and put that money back into our community. We look forward to engaging with as many people as possible to determine our collective priorities for this and all future CA investments.”
“We understand that this announcement has been highly anticipated by the mind-body fitness community, and we appreciate the public’s patience as we worked with the appropriate parties to finalize this agreement with respect to the confidentiality of everyone involved,” Vice President and CFO Susan Krabbe said.
Since the facility was closed, CA has transitioned many of Haven’s popular programs, specialized equipment and top-notch instructors to other locations throughout Columbia.
“While the space was unique, the community that was built at Haven goes beyond a building. It is a product of the people, and we are pleased to transition that community to other CA facilities and maintain the high level of service we are committed to,” Burns said.