Life Time Targets Seasoned Professionals with New Co-Working Spaces
Life Time opened its first Twin Cities co-working space in St. Louis Park this week and has already leased 65 percent of it. Situated on the ninth floor of a West End office building that overlooks Life Time Athletic, Life Time Work is more corporate in design than many of its competitors, which take their inspiration from the tech startup world. It’s more expensive than most competitors, too. And that’s exactly how the Chanhassen-based company wants to position its national push into shared workspace.
“As we think about the category of shared workspace, we think about what happened in the world of hotels 15 years ago,” says Life Time Work president James O’Reilly. “When we talk about hotels now, we understand the difference between a Holiday Inn and a Four Seasons. Both are serving bedrooms for a night, but they serve very different audiences. Our audience is a diverse mix of experienced professionals who want something elevated—a premium experience for their company and their professional profile.”
TwinWest Chamber of Commerce, Granite Equity, and the Minnesota Asphalt Association are just a few of the tenants that have already hung their signs at Life Time Work in St. Louis Park. O’Reilly says the average business moving in employs five to 10 people and has been operating for 10 to 15 years. “They’re coming direct from long term leases and are jaded with that process. They want something more contemporary.”
The 28,000-square-foot Life Time Work offers private and open plan workspaces, high tech conference rooms, outdoor terraces, lounges and phone booths for private conversations. “Environment is powerful,” O’Reilly says. “We designed this with the thought to encourage people to move throughout day, combat a sendentary life, and let the work dictate environment.”
Like many co-working spaces, Life Time Work offers a variety of membership levels for lounge, open desk or private office ranging from $400 to $3,000. By comparison, WeWork’s starting prices in Uptown range from $250 for a desk to $550 for a private office.
Life Time’s big perk: every co-working membership includes a premium-level Life Time athletic club membership. “For an owner’s employees, it’s currency,” O’Reilly says. “Health and wellness is part of our culture today and currency in attracting and retaining great talent.”
Life Time joins a crowded field: at least 35 co-working companies operate shared work spaces in the Twin Cities for a total of more than 1 million square feet of office space.
A larger Life Time Work—45,000 square feet—will open later this year in Edina, next to the new Southdale Center athletic club. A Life Time Work is now open in Ardmore, Penn. And another is under construction in Houston.