(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
IRVINE, CA-Landlord the EMMES Group of Cos., completed a 10-year, 91,023-square-foot lease with LA Fitness International LLC at the Michelson. The office building, at 3161 Michelson Dr. here, is a LEED Gold 533,000-square-foot high rise, and is now 93% occupied.
The new space will be used as the company’s global corporate headquarters. Bob Thagard of ORION Property Partners Inc. represented LA Fitness in the transaction. EMMES represented itself.
GlobeSt.com could not get further details on terms by deadline by those involved in the deal. However, industry source, Jeff Ingham, senior managing director at Jones Lang LaSalle estimates the value of the lease to be at more than $27 million.
GlobeSt.com learns that LA Fitness previously occupied 60,012 square feet at 2600 Michelson Dr. in Irvine, and an unidentified source says that it is rumored to be subleasing that space.
“We are pleased to welcome LA Fitness as a tenant to the Michelson. It is one of Orange County’s premier and fastest growing companies,” says Richard A.C. Coles, managing principal at EMMES, in a prepared statement. “The Michelson’s current occupancy confirms its attractiveness to companies.”
Located in the heart of Orange County at the southeast corner of Jamboree Road and the 405 Freeway, the Michelson is a 19-story tower built in 2007. It offers views of the Pacific Ocean, San Gabriel Mountains and Orange County skyline. In addition to LA Fitness, several other companies including Hyundai Capital America, Gibson Dunn, Jacobs, Bryan Cave, Greenberg Traurig, and Jones Day also lease space in the Michelson.
“LA Fitness was focused on finding the highest quality building featuring state-of-the-art amenities and which provided room for future growth” says Thagard. “We were able to partner with a sophisticated landlord who understood this transaction’s complexities and could structure the lease accordingly.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
