BURBANK, CA-Fitness chain 24 Hour Fitness has signed a 47,000-square-foot lease at 1903 Empire Ave. in Bubank. Brett Warner and Robert D. Erickson, principals of Lee & Associates-LA North/Ventura Inc., transacted the 15-year lease agreement.
“This location, opposite Empire Center and in walking distance of many office, commercial and entertainment buildings, is ideal for a fitness club,” says Warner, who, along with Erickson, represented the landlord, 1903 Empire Avenue LLC. “We are pleased to be able to bring a much-needed amenity to the community.”
The owner of the building, once used by Lockheed in the manufacturing of its L-1011 jets, has been renovating the property over the past several years to give it a more creative appearance and upgrade its functionality including structural improvements to provide rooftop parking. The 63,000-square-foot building was granted a change of use permit last year.
“Our team and our client worked diligently to address all the concerns of the community with regard to this use,” Warner says. “We are continuing to improve and upgrade the building so that it is well suited to both the community and its new tenant.”
An unidentified source not involved in the transaction tells GlobeSt.com that the total consideration of the lease was north of $15 million, but sources involved in the deal could not confirm that number at this time.
The tenant was represented by Robert Walsh and Robert Haas of Cypress Retail Group.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
