24 Hour Fitness Signs $22 Million Lease for New Location in California

24 Hour Fitness, San Ramon, California, plans to open a new club in Torrance, California, in 2018.

24 Hour Fitness signed a $22 million, 15-year lease for the club, which is scheduled to begin construction in the first quarter of 2017 and open in late 2018, according to a media release from real estate investment firm The Muller Company, Irvine, California. 

The 24 Hour Fitness will be a Super-Sport club in a new 44,000-square-foot building located adjacent to an existing office structure in the new Del Amo Crossing development. 24 Hour Fitness has four levels of clubs: Active, Sport, Super-Sport and Ultra-Sport. The company's gyms in Torrance currently include the Torrance-PV Super Sport on Pacific Coast Highway and the North Torrance Active Dry on Redondo Beach Boulevard, according to 24 Hour Fitness' website.

The Del Amo Financial Center was purchased by The Muller Co. and real estate private equity firm GreenOak Real Estate from Jamison Properties for $62.5 million in 2015. The 367,000-square-foot property was renamed to Del Amo Crossing and underwent immediate renovations. The joint venture by the two real estate firms will turn the property into a mixed-use environment with office space, medical space and a high-end retail component through the approximate $40 million renovation.

“We’re already 10 months into the restoration process and have signed three new tenants with more on the way," Stephen Muller, principal, The Muller Co. "We are confident that our efforts will result in a new hub of energy for this community, and Del Amo Crossing will once again become an iconic complex for the area."

Friday's media release from The Muller Co. also announced the signing of Del Amo Crossing leases by executive suite provider Regus, Luxembourg City, Luxembourg, for $6 million and Japanese employment and career consultation services firm Pasona, Tokyo, for $1.75 million. The Regus lease is for 11 years, and the Pasona lease is for five years.