Life Time Fitness Purchases a 232 KSF Office/Distribution Building in NY
- Sep 19, 2012
NAI James E. Hanson, in conjunction with its partner NAI Friedland, represented Life Time Fitness in the purchase of a 232,000-square-foot office/distribution building in Harrison, N.Y.
“Life Time is very particular in the sites it seeks. [The company] prefers locations in corporate parks, with good access and in areas with very strong household income,” Kenneth D. Lundberg, NAI Hanson’s senior vice president, told Commercial Property Executive. “All of the buildings on the site will be razed and a new structure constructed.”
Located at One Gannett Drive, the facility was formerly a Gannett printing press operation and Life Time Fitness plans to create a state-of-the-art fitness facility at the 24-acre site. Currently, the company operates 105 health clubs throughout North America.
“The site is at the top of Gannett Drive, just off Westchester Avenue. It is surrounded primarily by the corporate office buildings and has quick access onto Routes 684 and 287,” Lundberg said. “It is also located in one of the most affluent areas of the country. The facility will be 200,000+ square feet, which will be one of the largest in the country and almost twice the standard prototype.”
Lundberg has worked on behalf of Life Time for the past five years, helping them to purchase four properties over that span.
“Working on an account is about building a relationship,” Lundberg said. “In these days where everyone’s time is stretched thin, it is important for Life Time that I understand what they are looking for and am able to get my hands on all the information both to make a decision and, if acceptable, to be able to help package for internal committee approval.”
Over the course of the last two years, Lundberg added, Life Time Fitness looked at a number of buildings and sites in Westchester and the Harrison location was selected due to its location, size, access and the area demographics.
“Just like the site we recently purchased in Montvale, N.J., it is adaptive re-use of a site which held an older functionally obsolete structure,” Lundberg added. “Life Time is a good, high-quality ratable that is family friendly and an asset to the community. As such, both towns welcomed us with open arms.”
NAI Friedland Executive Directors Carl Silbergleit and Ellen Benedak joined Lundberg in representing LTF Real Estate Company — trading as Life Time Fitness — in the purchase. The seller, Gannett Satellite Information Network, Inc., was represented by the CBRE team of Vice Chairman Jeffrey R. Dunne, Senior Vice President William V. Cuddy Jr., Senior Vice President Steven P. Bardsley and Senior Associate Kevin Langtry.