LOS ANGELES—Planet Fitness has signed along-term lease in a 72,000-square-foot office andretail building on Broadway in Downtown LosAngeles. The 28,000-square-foot lease makes Planet Fitness thebiggest retail anchor tenant to move into the area sinceUrban Outfitters signed its Broadway lease at theend of 2013. Planet Fitness is scheduled to take occupancy thissummer.

“From the start, we were looking ideally for a single buildingtenant, like a larger caliber retailer that could come and take thewhole property,” Lee Shapiro, EVP ofKennedy Wilson's brokerage group, tellsGlobeSt.com about the leasing efforts for the property. “However,we found that type of tenant didn't want to be in the northern partof Broadway at this point in time; I think it will eventually inthe future. So, then we focused on larger block tenants, and wewere fortunate that we found a tenant to take nearly two fullfloors.” Shapiro represented the landlord, BroadwayInvestments Group, in the transaction along with hisKennedy Wilson colleague, senior associate JustinWeiss.

Located at 437 S. Broadway St. in Downtown Los Angeles, theformerly vacant building is now 39% occupied. Planet Fitness hasleased the majority of the ground floor and the basement of thebuilding. There is a 3,000 square foot space that remains availableon the ground floor, which the brokerage team will market to asmaller boutique retail store, a coffee shop or a restaurant, andthe remaining floors will be marketed toward creative officetenants. Planet Fitness chose the location because of the healthand fitness demands of the recently increased population in thedowntown market. It is close to Bunker Hill and severalmultifamily and mixed-usedevelopments, which will ensure “booming activity,” according toShapiro.