Life Time Fitness Opens 12K SF Financial District Location
The gym chain signed a long-term lease for space in The Moinian Group’s luxury rental building, the Ocean, according to the landlord.
A spokesperson for the landlord declined to provide terms of the deal, but CBRE data shows asking retail rents in the neighborhood average $406 per square foot.
Life Time’s Financial District location already opened to residents of the Ocean building, and it plans to open to the public later in the spring, according to Moinian. Moinian’s Gregg Weisser handled the deal for both sides.
“Life Time is a tremendous partner, providing an upscale amenity to our valued residents,” Joseph Moinian, CEO of Moinian, said in a statement. “We welcome Life Time to Ocean at One West Street with open arms and look forward to partnering at additional locations.”
Gyms face a particularly uncertain future because of the coronavirus pandemic, as users might not be so quick to flock back to them after living more than a year with a virus spread, in large part, through bodily droplets. Despite this, landlords have talked up gyms as amenity draws for tenants post-COVID, and Life Time wants to expand its New York City portfolio.
Life Time opened a 37,000-square-foot outpost at 60 West 23rd Street in December, and it plans to open five others by 2022, according to Moinian.