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

New York /
Feb.February 21, 2019 02:30 PM

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


Related Articles

arrow_forward_ios
U.S. President Joe Biden removes his mask before speaking about updated CDC mask guidance. (Getty)
In CDC we trust: Mask guidance prompts changes
In CDC we trust: Mask guidance prompts changes
Major real estate stocks ended in negative territory this week. (Getty)
Real estate stocks, markets jittery over inflation
Real estate stocks, markets jittery over inflation
Joseph Chetrit with 427 and 459 (left) Broadway (Getty, Beyond My Ken/Wikimedia)
Chetrit Group falls behind on Soho portfolio mortgage
Chetrit Group falls behind on Soho portfolio mortgage
Joel Landau, chairman and founder of Allure Group. (Google Maps, Score NYC)
These were the top outer-borough loans last month
These were the top outer-borough loans last month
David Schonbraun (SL Green)
SL Green investment chief David Schonbraun steps down
SL Green investment chief David Schonbraun steps down
Aby Rosen and 522 Fifth Avenue (Getty, Google Maps)
RFR pitches Fifth Avenue office building as “build-to-suit” corporate HQ
RFR pitches Fifth Avenue office building as “build-to-suit” corporate HQ
Nearly half of new shops in 2021 will be dollar stores. (Getty)
2021 is raining dollar stores
2021 is raining dollar stores
National chains and mom-and-pop stores are seeing increasing sales per square foot and shrinking occupancy costs (Getty)
National chains paid 93% of rent in April
National chains paid 93% of rent in April
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...