The Real Deal New York

Instacart to open first NYC office

$2B Grocery delivery startup signed a three-year lease at 580 Broadway in Soho

May 07, 2015 05:32PM
By Konrad Putzier

Mullen Wasserstrum

From left: Instacart’s Max Mullen, 580 Broadway and TheSquareFoot’s Jonathan Wasserstrum

Grocery delivery startup Instacart is opening its first office in New York City, The Real Deal has learned. The firm, which is now valued at a whopping $2 billion, signed a three-year lease for 3,000 square feet at 580 Broadway.

Another startup, commercial tech brokerage TheSquareFoot, represented Instacart in the deal. The landlord, Broad Prince Realty, was represented in-house. Asking rents at the property are $62 per square foot.

Instacart, which is headquartered in San Francisco, recently raised $220 million in a Series C funding round. The firm, whose partners include Whole Foods, is growing rapidly, which means that it’s likely to take on more office space in the near future. Several tech firms have started out with small offices in New York only to expand rapidly. Linkedin, for example, started out with a small sublease in the Empire State Building in 2009 and now occupies 160,000 square feet in the city, making it one of the largest tenants in the building.