Waitlist available for 53,000-square-foot,
three-floor Life Time located at Vornado Realty Trust's redeveloped
PENN 1
NEW
YORK, June 20, 2023 /PRNewswire/ -- Life
Time (NYSE: LTH), the nation's premier healthy lifestyle brand,
today announced it is entering into a lease agreement with Vornado
Realty Trust (NYSE: VNO) to occupy more than 53,000 square
feet on the first three floors of PENN 1, located adjacent to
Madison Square Garden in the heart
of New York City. The redeveloped
57-story building serves major office tenants and is readily
accessible to hundreds of thousands of daily commuters via the most
accessible transportation hub in the country.
As part of our methodical expansion in NYC,
we're thrilled to bring our unique Life Time experiences to PENN
DISTRICT.
"As part of our methodical expansion in New York City, we're thrilled to partner with
Vornado Realty Trust to bring our unique Life Time experiences to
their reimagined PENN DISTRICT," said Parham Javaheri, Life Time Chief Property
Development Officer and EVP. "We're particularly excited to expand
our indoor pickleball court offering in Manhattan with what will be the City's most
premier indoor pickleball club featuring seven new courts, lounge
seating and a bar – complemented by our luxury athletic club
programs and amenities."
Life Time at PENN 1 will open in two phases beginning in Summer
2023 with an entirely new, luxurious athletic club for office
workers, commuters and neighborhood residents as it takes over the
existing fitness center on the second and third floors of the
tower. The club will showcase boutique studios for the Company's
exclusive group studio and indoor cycle formats, hundreds of pieces
of best-in-class cardiovascular, functional and strength training
equipment, a curated recovery space, spa, exquisite dressing rooms
offering high-end amenities and a juice bar complete with Life
Time's proprietary nutritional products.
Phase two is slated for early 2024 with the seven ground-level
pickleball courts, lounge, seating and bar area, along with
dedicated spaces for Life Time's Signature Group Training programs
Alpha and GTX, and one-on-one Dynamic Personal Training. With its
primary entrance at 33rd Street Plaza facing Madison Square Garden, Life Time will be front
and center to millions of people and offer the most indoor
pickleball courts in Manhattan.
"We are delighted to add LifeTime as another key piece of our
overall PENN DISTRICT strategy," said Vornado Executive Vice
President Glen Weiss. "Our
efforts to date have resulted in tremendous leasing success with
forward-looking companies including Apple at PENN 11, Meta at
Farley and Madison Square Garden at PENN 2 along with Empire
Heath, Gusto, Hartford Insurance, Morgan Stanley and Samsung at
PENN 1. These global leaders are all dedicated to bringing their
teams into exciting, collaborative and creative work environments
in the PENN DISTRICT. The addition of Life Time's premier
athletic club offers our current and future tenants, neighborhood
residents, and commuters a first-class health and fitness facility
to enjoy daily."
Life Time continues to grow its presence in New York City with plans for three new
destinations at The Brooklyn Tower, Brooklyn Crossing and Park
Avenue South in 2024. Life Time debuted in 2016 with Life Time Sky
(605 W. 42nd Street).
Since then, the Company has opened athletic country clubs at the
Ocean Residence in Battery Park (1 West Street); in the former New
York Health & Racquet clubs at 23rd Street (Between 5th and
6th), NoHo (62 Cooper Sq.), and Midtown (110 W. 56th
Street); One Wall Street development (29 New Street), and at Front
& York in Brooklyn (168 Front
St., Brooklyn). Life Time's opened
its first permanent indoor pickleball courts in Manhattan at Life Time Sky in February.
Joe Mastromonaco of Atlantic
Retail represented Life Time in the transaction.
With the high demand anticipated for Life Time at PENN 1, a
waitlist has been established for those seeking membership access
at www.lifetime.life/PENN1.
About Life Time
Life Time (NYSE:
LTH) empowers people to live healthy, happy lives through its
portfolio of more than 160 athletic country clubs across
the United States and Canada. The Company's healthy way of life
communities and ecosystem address all aspects of healthy living,
healthy aging and healthy entertainment for people 90 days to 90+
years old. Supported by a team of more than 35,000 dedicated
professionals, Life Time is committed to providing the best
programs and experiences through its clubs, iconic athletic events
and comprehensive digital platform.
About Vornado Realty Trust
Vornado is a fully
integrated real estate investment trust ("REIT") with a collection
of premier New York City office
and retail assets. While concentrated in New York, Vornado also owns the premier assets
in both Chicago and San Francisco. Vornado is a real estate
industry leader in sustainability, with over 27 million square
feet of LEED certified buildings and over 23 million square
feet at LEED Gold or Platinum. THE PENN DISTRICT, a connected
campus in the middle of Manhattan,
and sitting atop the busiest transportation hub in North America, is comprised of over nine
million square feet with future development expansion opportunity
to 15 million square feet.
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SOURCE Life Time, Inc.