NEW JERSEY—Life Time Fitness Inc. has purchased One BMW Plaza in Montvale, the former home to BMW of North America, which used the space for corporate offices, distribution, repair and mechanic training.
The Jones Lang LaSalle team of Managing Directors Robert Kossar, David Knee and Joel Lubin, along with Vice Presidents Blake Chroman and Christopher Hile represented the seller, a group of charitable trusts, while NAI Hanson Senior Vice President Kenneth Lundberg represented Life Time Fitness.
The new ownership plans to demolish the existing structure and replace it with a fitness center. Headquartered in Minnesota, Life Time Fitness currently operates 105 centers in the U.S. and Canada.
“With BMW vacating the site after nearly three decades of occupancy, this was a rare opportunity to lease or buy a free-standing building in sought-after Bergen County, and it attracted a significant amount of interest from a diverse group of prospective buyers and tenants,” Chroman said. “With the terrific demographics in the area and the built-in clientele within the business park, Life Time viewed the site as the ideal location to expand its footprint in New Jersey.”
The property is located within a corporate park where tenants include Sony, Mercedes Benz and KPMG. Situated on 9.3-acres, the property is located next to the Garden State Parkway and provides easy access to I-287.