The Real Deal New York

Lyft signs 100K sf lease at Cove Property’s 441 Ninth Avenue

The ride hailing company is preparing for an IPO by the end of March
February 21, 2019 02:30PM

A rendering of 441 Ninth Avenue with the Lyft mustache (Credit: Cove and Wikipedia)

Ride-share behemoth Lyft has signed a 100,000 square foot lease at the Hudson Commons new development on the Far West Side.

The San Francisco-based firm will move into Cove Property Group’s 700,000-square-foot new development building at 441 Ninth Avenue, according to the Commercial Observer. The lease signing follows reports the company is racing Uber to an IPO, with an expected launch before the end of March.

JLL represented Lyft in the deal. Asking rents at the property are above $90 a square foot.

Cove bought the property in 2016 with partner Baupost Group for $330 million, when the building was just eight stories high, and spanned 423,000 square feet. The joint venture has been developing the site since, transforming it into a 25-story building.

Lyft will join cycling and fitness company Peloton in the building, which signed a 312,000-square-foot lease last November. Peloton will serve as the building’s anchor tenant, in a space six times larger than the company’s current Chelsea headquarters. The building is reportedly 63 percent leased. [CO] — David Jeans