Chanhassen-based Life Time Fitness will be at Target Center for at least another 12 years after extending its lease with the arena Friday, the Minneapolis-St. Paul Business Journal reports.
The company also pledged a $6 million upgrade of the health club facility.
The Star Tribune reports that Life Time will extend its lease another three years as long as the Timberwolves stay at Target Center as well.
Life Time has been at Target Center since 2006, when it acquired the facility as part of its acquisition of the Northwest Athletic Club chain.
News of the lease extention and upgrade comes after a sharp drop in Life Time shares earlier this month.
The shortfall was reportedly connected to expenses with the opening of new locations, set for early 2014.
Life Time operates 105 facilities in the U.S. and Canada.