A new 24 Hour Fitness location is expected to open next year at 4770 Willow Road in Pleasanton, the former home of the Tri-Valley Herald.

The San Ramon fitness company took out a 20-year lease on the entire 56,206-square-foot, two-story building and plans extensive renovations, said James Chung, a vice president in NAI BT Commercial's Burlingame office, who with colleague Mike Costa represented 24 Hour Fitness. The lessor was RFT Pleasanton LLC.

The rate was not disclosed. Because the deal involves converting an office-industrial property to service retail and it includes significant renovation costs, market lease rates would not give an accurate estimation of the total value, Chung said.

"The building required a lot of TI's on both sides: The landlord to bring the building to a working shell condition and the tenant to make their own improvements," he said. "All of that was baked into the deal."

###