Real Estate
Home›Real Estate›Industry›Speakeasy Fitness buys La Brea building and plans a ne…
Speakeasy Fitness buys La Brea building and plans a new gym
The operator said the 1336 N. La Brea Ave project will cost $20M for acquisition and renovations, with the new location opening in spring.
Speakeasy Fitness is expanding its footprint in Los Angeles through real estate purchases, converting former office and institutional buildings into gyms, and its latest move is an eight-figure acquisition of 1336 N. La Brea Ave., in the Hollywood and West Hollywood area.
According to Bisnow, the building previously belonged to part of the A&M Records complex and most recently housed the American Academy of Dramatic Arts, and the company plans to open the new gym in spring as its newest location.
The operator said owning roughly half of the properties it occupies provides control over costs and locations, citing fewer lease-related issues such as escalation clauses and ongoing negotiations over additional charges. Company President Jeh Meher said the total price for acquisition and renovations is $20M and that the investment approach is designed to be more “one-and-done,” particularly if an interest rate is locked in.
Bisnow also noted Meher previously bought a building on Beverly Boulevard in Historic Filipinotown that is expected to open within the next month, and that Speakeasy is targeting geographic concentration rather than spacing locations about 25 miles apart. The La Brea gym will be the brand’s eighth location in operation.