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Uber Takes First Step Towards Opening Second Manhattan Office

| Commercial Real Estate News, Office| Views: 141


Uber Technologies Inc. has signed a long-term lease agreement with Empire State Realty Trust (ESRT), for an entire floor at 1400 Broadway in New York City. The new space will serve as Uber’s second office location in Manhattan.

1400 Broadway, New York (Yardi Matrix)

The lease transaction was signed for the whole 12th floor of the Class A office building, an area encompassing 34,600 square feet. According to Bisnow, the asking rent for Uber’s lease at 1400 Broadway was $62 per square foot, below the average rent for Midtown Manhattan.

“Uber chose 1400 Broadway due to ESRT’s reputation and proven track record of partnering with our tenants and providing an attractive environment for tenant expansion,” stated Thomas Durels, EVP & director of leasing and operations for ESRT.

The company plans to use the 34,600-square-foot asset to house its ever-growing New York engineering team, reports the New York Post.

The 37-story, 919,405-square-foot office building at 1400 Broadway was built in 1930 and has been recently modernized to feature an expanded lobby. Located steps away from Bryant Park, 1400 Broadway provides easy access to Penn Station, the Port Authority, Grand Central Terminal, PATH, and 15 subway lines.

The peer-to-peer ridesharing company’s first Manhattan office opened in 2014, after they signed a 10-year lease for a 52,350-square-foot space in Chelsea, at the Terminal Stores building. At that time, Uber leased part of the third floor, with the entrance located at 636-638 West 28th Street. Last year, the company expanded that office: by adding 11,990 square feet to its lease, it brought the total space rented on the third floor to 64,340 square feet.

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