The Los Angeles-based real estate investment trust has since shed a number of other buildings at the Park Place campus, in addition to numerous office buildings across the county.
Irvine-based LBA Realty now owns a bulk of Park Place’s remaining offices and is undergoing an estimated $40 million renovation of the campus. There’s been talk of LBA adding a health club to the Park Place.
Following its lease at the Michelson tower, a LA Fitness club would appear to be a natural fit for the site.
LA Fitness is no stranger to taking advantage of office space left behind by subprime lenders.
The company moved from the Irvine Spectrum to the 2600 Michelson building in mid-2007, taking over three floors in a sublease of space from Orange-based ACC Capital Holdings Corp., parent of defunct subprime lender Ameriquest Mortgage Co.
The initial sublease ran through the end of 2010.
In mid-2010 LA Fitness announced it had signed an extension at the building, which also was previously owned by Maguire, but was operating out of receivership at the time.
That renewal was slated to run for five years.
LA Fitness expects to move to the Michelson tower later this year. The company’s expected to put its current headquarters up for sublease.
The company’s planned departure appears to eliminate the largest tenant at the 16-story 2600 Michelson building, which traded hands last year in a $70 million lender-driven deal.
Santa Monica-based Ocean West Capital Partners teamed up with other investors to buy the 308,000-square-foot 2600 Michelson tower from New York-based Torchlight Investors, a special servicer for distressed commercial loans, for nearly $230 per square foot.
The building now is about half full, according to CoStar Group Inc. data. Monthly asking rents for the building are listed at about $2.25 per square foot.
Bob Thagard of Irvine-based Orion Property Partners Inc. represented LA Fitness in the latest transaction, while Emmes represented itself.