Lyft Inks 100 KSF Lease in Manhattan
- Feb 25, 2019
Ride share company Lyft has signed a lease for 100,638 square feet at Cove Property Group’s creative office property Hudson Commons in New York City. The 28-story office tower is under construction and expected to be completed this summer.
Cove purchased the property in December 2016 from Emblem Health, in a partnership with Baupost Group. Since the purchase, Cove has undertaken a repositioning of the property and the office asset is now 63 percent preleased, with tenants like Peloton, which inked a 312,000-square-foot lease last November at the tower.
Located at 441 Ninth Ave., the property is in the burgeoning Hudson Yards district on the far west side of Manhattan. The development team focused on implementing new technology within the building, which will be WiredScore Platinum certified. Hudson Commons will also offer 15,000 square feet of retail space that will feature 19-foot ceilings.
Lyft was represented by Steven Rotter and Justin Haber of JLL in the deal.
“The neighborhood’s transformation is exciting and ongoing. In surveying the surrounding developments, we saw an opportunity to respect the beautiful 1962 warehouse building’s heritage and add significant square footage above it, rather than tear it down,” said Kevin Hoo, managing partner at Cove, in prepared remarks. “The aim was to provide a combination of large and boutique floor plates ranging from 50,000 RSF to 16,000 RSF, that paired the factory type feel and aesthetic in the base with new, efficient construction.”
Image courtesy of Cove Property Group