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Anchor Tenant Lands on Broadway

LOS ANGELES—Planet Fitness signs a lease on Broadway in Downtown Los Angeles, becoming the largest anchor tenant to move in since Urban Outfitters.

By Kelsi Maree Borland | Updated on February 23, 2015

LOS ANGELES—Planet Fitness has signed a long-term lease in a 72,000-square-foot office and retail building on Broadway in Downtown Los Angeles. The 28,000-square-foot lease makes Planet Fitness the biggest retail anchor tenant to move into the area since Urban Outfitters signed its Broadway lease at the end of 2013. Planet Fitness is scheduled to take occupancy this summer.

“From the start, we were looking ideally for a single building tenant, like a larger caliber retailer that could come and take the whole property,” Lee Shapiro, EVP of Kennedy Wilson‘s brokerage group, tells GlobeSt.com about the leasing efforts for the property. “However, we found that type of tenant didn’t want to be in the northern part of Broadway at this point in time; I think it will eventually in the future. So, then we focused on larger block tenants, and we were fortunate that we found a tenant to take nearly two full floors.” Shapiro represented the landlord, Broadway Investments Group, in the transaction along with his Kennedy Wilson colleague, senior associate Justin Weiss.

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