Ride-sharing, ride-hailing company Uber is about to close on a major office lease at Silverstein Properties’ 3 World Trade Center in Lower Manhattan, according to Crain’s New York. The company is relocating its NYC headquarters and will take over more than 300,000 square feet of office space across 7 floors. Uber will also have the option to expand to an eighth floor and occupy an additional 50,000 square feet in the case of an expansion, Crain’s reported.
Uber is planning to consolidate its New York City office workforce into a single location in the World Trade Center submarket. The company will move employees from its current locations in Chelsea and Times Square in Manhattan, as well as workers currently operating in Brooklyn, Long Island City and the Bronx. Crain’s reports that the move will take place sometime next year.
The announcement comes on the heels of Uber’s struggles to raise its stock price, after its shares were priced below expectations at $45 in the spring. On Friday, the stock closed down to $33.25 a share, which means Uber now boasts a market value of $56.5 billion. The company went public in May with an initial $82 billion stock offering.
According to Crain’s, office asking rents at 3 WTC are in the high $80s per square foot, showcasing the high demand for quality office space in Lower Manhattan. New office inventory is nearing delivery in Midtown‘s Hudson Yards, but in Lower Manhattan available space is scarce, while the demand is rising, which pushes rents upwards.
3 World Trade Center was completed in 2018 and features 2.8 million square feet of Class A office space across 80 floors. It is owned and managed by Silverstein Properties, and includes 300,000 square feet of retail space. The building’s largest tenant is GroupM, the world’s largest advertising media company by billings, which occupies 700,000 square feet. Other notable tenants include McKinsey & Company, Diageo, and Hudson River Trading.
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