As several fitness chains continue to consolidate across the country in the wake of COVID-19, Life Time Inc. is reversing the trend by strengthening its expansion plans in Orange County.
The high-end fitness center operator based in Chanhassen, Minnesota, recently signed a 90,000-square-foot lease to take over the first 24 hour fitness site at the shores of the lake office complex in Irvine.
The high-profile location just off Von Karman Avenue overlooks the San Diego (405) Freeway, just blocks from John Wayne Airport. It is among the largest gyms in the county; about three times the size of a typical LA Fitness or 24-hour gym.
The deal is the second largest retail lease reported in OC this year. It also marks the first reported large local lease transaction for a gym since the start of the pandemic last year.
“Life Time has a much more personalized and focused business model than some of the other big fitness chains and they have a completely different way of operating that has allowed them to weather the storm,” he said. Scott Riddlessenior vice president con CBRE representing Life Time in the agreement along with colleagues Track Rouda And Rob Crully.
Cushman and Wakefield‘S Roberto Lambert, Rick Kaplan And Greg Brown represented the landlord, based in San Diego Feelwhich in recent years has spent millions on upgrading and repositioning the campus, formerly known as Lakeshore Towers.
The upgrades “will ensure that professionals who spend time here have the comforts of productivity and the convenience of working life in an enhanced environment,” he said. Giovanni BrandSentre’s Lakeshore Operations Director.
The message seems to resonate: the campus has recently added several notable unofficial tenants.
A well-known Newport Beach restaurant operator recently signed a deal to relocate two of its restaurants to the 90,000-square-foot office complex, which has a trio of offices that manage approximately 750,000 square feet, along with a mix of restaurants and a gym.
“Part of the reason we were excited about this new position is because of the Life Time brand,” he said JT Reedwhich is co-owner Bosscat Cuisine and libations And Ten Asian bistrosboth scheduled to open in Lakeshore in early 2022.
Returns to the gym
24 Hour Fitness was one of several fitness operators to fall victim to the pandemic, closing more than 100 locations nationwide, including seven locations in Orange County.
The company’s closure of Ultra-Sport Lakeshore Towers at 18007 Von Karman Ave. marked the largest of its local returns.
Life Time is taking advantage of these returns, having recently opened seven new locations in 2021, with many more on the horizon.
The new Irvine gym is the company’s third in Orange County and comes just over a year after the opening of its new location in San Clemente. That club spans about 45,000 square feet.
Life Time plans to kick off tenant improvements later this year that “completely reimagine” the former 24-hour space and said it plans to invest several million dollars in a full-scale renovation that is expected to wrap up. in the second half of next year.
“You won’t recognize the facility when we’re done with the renovation,” he said Parham JavaheriLife Time Chief Property Development Officer and Executive Vice President.
The move follows an entire campus refurbishment project for Lakeshore, with the architect Gensler redesigning the common areas of the campus, including a 1 acre outdoor park. Lakeshore towers house a mix of tenants, including one building largely occupied by We workas well as local operations of First Bank Foundation and the Irvine operations of Cushman & Wakefield.
Javaheri said Life Time was drawn to the property’s location, accessibility, and proximity to a large office and residential base.
“Being able to establish a fully equipped resort in the heart and epicenter of Irvine is a special opportunity,” said Javaheri.
“Life Time is an amazing addition and the kind of first-rate service offering consistently envisioned at Lakeshore for our tenant roster and community,” said Lambert of Cushman & Wakefield.
Bosscat, ten Asians
Lakeshore’s tenant list will include two popular restaurants, Bosscat and Ten Asian Bistro, which are moving into the office complex since Saunders Square in Newport Beach, a location about a mile away that is the subject of a new mixed-use development that could add 444 homes and 300,000 square feet of commercial space.
“Once word got out that we were in the market for a new location, the Lakeshore team contacted us and said they were open to us bringing both of our restaurant concepts into the complex, which has a beautiful new component. retail, ”said Reed, who owns the concepts together Leslie Nguyen. “The icing on the cake was when they secured Life Time.”
Construction has recently begun on two concepts: Bosscat Kitchen, a restaurant specializing in classic Southern dishes and a wide range of whiskeys, and Ten Asian Bistro, an Asian sushi and fusion restaurant.
The Newport Beach locations will remain until 2023.
Expect more locations to follow for Life Time, which entered the OC market in 2014 with the opening of a 128,000-square-foot site in Laguna Niguel.
“Irvine is a dense and under-served market where we want to expand our presence,” said Javaheri. “We continue to seek multiple development opportunities in and around the region.”