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 location, which is in the Howard Hughes Corp. (HHC) building, this summer.
Columbia Association (CA) has been working with commercial real estate services firm Cushman & Wakefield 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 HHC.
As a result of this agreement, CA will save approximately $2.5 million during the remainder 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,” CA President & CEO Lakey 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.”
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.