There is a couple of years left on the existing lease, after which the new owners are exercising a 10-year extension, says Bruce Hraba of San Mateo-based Waterford Hotels and Inns Inc., which manages the building on behalf of Governor Hotel Associates, the building owner.

The name of the gym is now Nelson's Nautilus Plus, in deference to Myron Nelson's rights to the name, and now will be affiliated with three other gyms in the region, Turner tells GlobeSt. The new ownership is now in the process of adding new weight training equipment to the facility, which has an indoor track, lap pool, hot tubs, sauna and tanning facilities. Diamond tells GlobeSt the company also is considering an expansion of the gym that would give the underground operation more visibility at street level.

Governor Hotel Associates acquired the 47,000-sf building from Lee and Florence Ellmaker in 1985 for $1.3 million, according to Oregon Title Insurance Co. The structure is currently valued at more than $7.6 million by Multnomah County.