Newmark is pleased to announce that Orangetheory Fitness, one of the world’s fastest growing fitness franchises, has leased 4,000 square feet on the second floor of 155 North Michigan Avenue in Chicago. Newmark Managing Director Larry Kling represented Orangetheory Fitness in its site selection analysis and lease negotiations for its new location on Michigan Avenue. Newmark’s Kling represents Orangetheory Fitness’ real estate interests in Illinois, having represented the fitness franchise in over 40 lease transactions since 2012.
Orangetheory Fitness offers workouts based on High Intensity Interval Training (HIIT) that blend cardiovascular and strength training. The company has over 1,200 locations worldwide in 22 countries, over 1,000 in the US throughout all 50 states. The 155 North Michigan Avenue location marks Orangetheory Fitness’ 17th Chicago location and 58th in all of Illinois.
Set to open in January 2020 , the completed build-out will feature an open space plan which includes additional workstations and expanded bathroom and shower facilities to accommodate an anticipated larger membership base.
“Orangetheory Fitness wanted to expand its Chicago footprint to cater to customers who work and live in and around the Loop, as well as to tourists who have a membership to Orangetheory Fitness in another market,” said Kling. “Michigan Avenue is a place where local residents and visitors from around the world come to experience the city, so it was a perfect fit, however storefronts on Michigan Avenue are in high-demand, and therefore very competitive to get a space in this prime location.”
Located on Michigan Avenue in the heart of Chicago, 155 North Michigan Avenue is across the street from Millennium Park and just minutes from Maggie Daley Park, the Magnificent Mile, the Art Institute of Chicago and Lake Michigan. There is a myriad of hotels, restaurants, theaters and more located within the surrounding blocks as well.
About Orangetheory Fitness
Orangetheory® (www.orangetheoryfitness.com) makes it simple to get more life from your workout. One of the world’s fastest-growing franchise companies, Orangetheory has developed a unique approach to fitness that blends a unique trifecta of science, coaching, and technology that work together seamlessly to elevate participants’ heart rates to help burn more calories. Backed by the science of excess post-exercise oxygen consumption (EPOC), Orangetheory workouts incorporate endurance, strength, and power to generate the ‘Orange Effect’ - whereby participants keep burning calories for up to 36 hours after a 60-minute workout. Orangetheory franchisees have opened over 1,200 studios in 50 U.S. states and 22 countries. The company was ranked #60 in Inc. magazine’s Fastest Growing Private Companies List and listed as #25 on the 2019 Entrepreneur Franchise 500 list. Visit www.otffranchise.com for global franchise opportunities.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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