The new gym, opening in early 2004, will anchor the complex's South Building, set on the corner of Union and Lakeville roads. The 1.4-million-sf business center consists of four buildings.
C&W's David Leviton represented iPark in the deal, and Brian Schuster of Ripco Realty acted on behalf of the L.A. Fitness. According to Leviton, the transaction ends a more than two-year search for a health club tenant at iPark.
"We had a lease drawn with another sports club last year, which ultimately fell through," he says in a statement. "Our tenants will benefit from the convenience of a health club on-site."
iPark is a former defense industry site previously owned by Lockheed Martin. It was purchased in 1999 as a joint venture between Apollo Investments and National RE-Sources for $21 million. Tenants at the complex include the New York Times, AllState and Cablevision.
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