Life Time's New York City Expansion Continues with Iconic Indoor Pickleball and Athletic Club Destination in the PENN DISTRICT

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06/20/2023 - 05:05 AM

Waitlist available for 53,000-square-foot, three-floor Life Time located at Vornado Realty Trust's redeveloped PENN 1

NEW YORK, June 20, 2023 /PRNewswire/ -- Life Time (NYSE: LTH), the nation's premier healthy lifestyle brand, today announced it is entering into a lease agreement with Vornado Realty Trust (NYSE: VNO) to occupy more than 53,000 square feet on the first three floors of PENN 1, located adjacent to Madison Square Garden in the heart of New York City. The redeveloped 57-story building serves major office tenants and is readily accessible to hundreds of thousands of daily commuters via the most accessible transportation hub in the country.

As part of our methodical expansion in NYC, we're thrilled to bring our unique Life Time experiences to PENN DISTRICT.

"As part of our methodical expansion in New York City, we're thrilled to partner with Vornado Realty Trust to bring our unique Life Time experiences to their reimagined PENN DISTRICT," said Parham Javaheri, Life Time Chief Property Development Officer and EVP. "We're particularly excited to expand our indoor pickleball court offering in Manhattan with what will be the City's most premier indoor pickleball club featuring seven new courts, lounge seating and a bar – complemented by our luxury athletic club programs and amenities."

Life Time at PENN 1 will open in two phases beginning in Summer 2023 with an entirely new, luxurious athletic club for office workers, commuters and neighborhood residents as it takes over the existing fitness center on the second and third floors of the tower. The club will showcase boutique studios for the Company's exclusive group studio and indoor cycle formats, hundreds of pieces of best-in-class cardiovascular, functional and strength training equipment, a curated recovery space, spa, exquisite dressing rooms offering high-end amenities and a juice bar complete with Life Time's proprietary nutritional products.

Phase two is slated for early 2024 with the seven ground-level pickleball courts, lounge, seating and bar area, along with dedicated spaces for Life Time's Signature Group Training programs Alpha and GTX, and one-on-one Dynamic Personal Training. With its primary entrance at 33rd Street Plaza facing Madison Square Garden, Life Time will be front and center to millions of people and offer the most indoor pickleball courts in Manhattan.

"We are delighted to add LifeTime as another key piece of our overall PENN DISTRICT strategy," said Vornado Executive Vice President Glen Weiss. "Our efforts to date have resulted in tremendous leasing success with forward-looking companies including Apple at PENN 11, Meta at Farley and Madison Square Garden at PENN 2 along with Empire Heath, Gusto, Hartford Insurance, Morgan Stanley and Samsung at PENN 1. These global leaders are all dedicated to bringing their teams into exciting, collaborative and creative work environments in the PENN DISTRICT. The addition of Life Time's premier athletic club offers our current and future tenants, neighborhood residents, and commuters a first-class health and fitness facility to enjoy daily."

Life Time continues to grow its presence in New York City with plans for three new destinations at The Brooklyn Tower, Brooklyn Crossing and Park Avenue South in 2024. Life Time debuted in 2016 with Life Time Sky (605 W. 42nd Street).

Since then, the Company has opened athletic country clubs at the Ocean Residence in Battery Park (1 West Street); in the former New York Health & Racquet clubs at 23rd Street (Between 5th and 6th), NoHo (62 Cooper Sq.), and Midtown (110 W. 56^th Street); One Wall Street development (29 New Street), and at Front & York in Brooklyn (168 Front St., Brooklyn). Life Time's opened its first permanent indoor pickleball courts in Manhattan at Life Time Sky in February.

Joe Mastromonaco of Atlantic Retail represented Life Time in the transaction.

With the high demand anticipated for Life Time at PENN 1, a waitlist has been established for those seeking membership access at www.lifetime.life/PENN1.

About Life Time
Life Time (NYSE: LTH) empowers people to live healthy, happy lives through its portfolio of more than 160 athletic country clubs across the United States and Canada. The Company's healthy way of life communities and ecosystem address all aspects of healthy living, healthy aging and healthy entertainment for people 90 days to 90+ years old. Supported by a team of more than 35,000 dedicated professionals, Life Time is committed to providing the best programs and experiences through its clubs, iconic athletic events and comprehensive digital platform.

About Vornado Realty Trust
Vornado is a fully integrated real estate investment trust ("REIT") with a collection of premier New York City office and retail assets. While concentrated in New York, Vornado also owns the premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with over 27 million square feet of LEED certified buildings and over 23 million square feet at LEED Gold or Platinum. THE PENN DISTRICT, a connected campus in the middle of Manhattan, and sitting atop the busiest transportation hub in North America, is comprised of over nine million square feet with future development expansion opportunity to 15 million square feet.