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

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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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

Tags

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

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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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

Tags