By Pyc Fitness
©2004-2008
HAWTHORNE, CA-The New York City-based Equinox fitness chain has signed a $33-million lease for 45,000 sf of a 72,000-sf building at 5400 Rosecrans, where it will occupy two floors and a portion of the roof, according to the Goodglick Co. Daniel Merritt and Jim DeCarli of Goodglick report that the fitness chain has signed on for 30 years at 5400 Rosecrans and will spend about $10 million in retrofitting the building to meet its requirements.
Merritt and DeCarli, who represented building owner PAC-94 LP, point out that 30 years is an unusually long term for such a lease. The two Goodglick Co. brokers explain that Equinox was willing to sign for such a long term because the fitness chain ¡°realized that the special features of the building would be hard to replicate elsewhere.¡±
DeCarli specifically mentions the strength of the building¡¯s concrete structure, which will allow for the installation of highly specialized Equinox facilities and equipment. ¡°As an example, they intend to install a running track on the roof,¡± DeCarli explains.
Another special feature that comes with the deal is the four-acre size of the site that the 5400 Rosecrans building occupies, which will provide room for Equinox to construct a swimming pool. DeCarli adds that Equinox, which was represented by John Ayoob of CB Richard Ellis, also was attracted to the building because of the availability of ample surface parking.
DeCarli notes that the lease ¡°was a complex deal to negotiate, but the ownership worked diligently to make it happen.¡± Equinox, which already operates eight fitness centers in Southern California, expects to open the new South Bay center at the Rosecrans building by the summer of 2008.