Crunch settles lease termination at Marina City

1-Dec-08 – Crunch has paid LaSalle Hotel Properties, owner of commercial property at Marina City, an undisclosed amount – possibly close to $1 million – to settle termination of its lease.

The fitness facility closed on July 31. General Manager Sean Herron said at the time they were “unable to negotiate acceptable lease agreements” at Marina City and at 820 North Orleans, two of five Crunch locations in Chicago. Crunch had been at Marina City since June 1999.

Crain’s Chicago Business has noted that a financial statement filed by LaSalle in the third quarter shows “a $900,000 gain in other income from a lease termination ‘offset by a loss of lease revenue’ from Crunch.”

CB Richard Ellis, the world’s largest commercial real estate company, has been hired to market commercial space at Marina City, including the old Crunch location.