Related Companies buys Equinox fitness clubs

The Related Companies announced Monday afternoon it had acquired Equinox Holdings, owner of the Equinox fitness clubs in New York City and other locales like L.A. and San Francisco. The acquisition, valued at $505 million, is expected to close next month. Related was already Equinox’ landlord at the chain’s flagship club in the Time Warner Center, and Related founder and CEO Stephen Ross was appointed in May to Equinox’ board of directors.