Office complexes and gyms, two types of real estate whose near-term future was shaky at the onset of the pandemic, are showing signs of growth again—often in tandem with one another—as this week’s edition shows.
See Katie Murar’s front-page story on how Life Time Inc. is stepping up its presence locally with a massive new location in Irvine’s revamped Lakeshore campus near John Wayne Airport. The company’s 90,000-square-foot new spot fronting the 405 will be the second-largest gym in Irvine when it opens.
The largest gym in the city is the 120,000-square-foot Equinox Sports Club on the other side of the 405, which is part of the Irvine Concourse mixed-use campus. See Murar’s story on this page for more on how the revamped ownership team of the Centerview offices that are also part of Irvine Concourse are upping the amenities to their property.
Like Lakeshore, Centerview’s owners are adding a bevy of new dining options to their campus.
Irvine Co. has its own take on how to incorporate fitness amenities into their office campuses; the Newport Beach landlord’s Kinetic offerings at several of its larger complexes—introduced a few years ago—offers what it calls a “private resort-style fitness center” for its tenants.
At the next phase of development at its mid-rise Spectrum Terrace campus, now in the early stages of work, Irvine Co. is going for the gold in amenities. Alongside three more mid-rise office buildings totaling 345,000 square feet, it’ll be adding one of the area’s few Olympic-length pools, officials tell the Business Journal.
Along other flourishes, Spectrum Terrace will create “a sense of place through amenities and experiences that don’t exist anywhere else in Southern California—exceeding even those found on campuses of global technology companies,” said Jonathan Brinsden, who took over the president role at Irvine Co.’s office division a few months ago.
The last phase of the office complex is set to open a year from now. Irvine Co. says the first six buildings at Spectrum Terrace are 80% leased.
Anyone overdoing it at the Spectrum Terrace pool can ask another Spectrum-area tenant of Irvine Co., Hyperice, for some recovery tips.
The Irvine maker of massage-therapy devices and other products, with a valuation reportedly in the $1 billon range, has been on an acquisition push since early 2020. Last year it added NormaTec, the maker of compression systems used to relieve muscle aches and pains, and earlier this year it bought RecoverX, whose wearable devices supply heating and cooling therapy.
Last week came another buy, but with a different focus: Core, a mental wellness company that created a meditation training device and app. Terms of the deal weren’t disclosed.
“After listening to both consumers and the Hyperice roster of elite athletes and experts talk about their own mental wellness and the role it plays in their performance, training and overall success—the moment to expand into mental wellness is now,” the company said.