Uber Signs Terminal Stores Deal
Uber has signed a 10-year, 52,350-square-foot lease at the Terminal Stores building and will relocate from its Queens offices later this year, the tenant’s broker confirmed with Commercial Observer. The mobile app developer, which offers users a way to connect with drivers for hire, has leased a portion of the third floor and will have its own elevator and entrance at 636-638 West 28th Street.
“They wanted the best of old and new New York and that’s why they liked this building,” said Alexander Chudnoff of JLL, who represented the tenant. “They wanted to give homage to the past and that’s what this building afforded them.”
The tenant will built out its space ahead of moving in. Uber’s deal includes “liberal” expansion options, according to Mr. Chudnoff. Asking rent was in the mid-to-high-$40s
Mr. Chudnoff represented Uber alongside Dan Turkewitz and Brittany Wunsch. Waterfront New York Realty, the landlord, was represented in-house by Christopher Flagg and Chris and Peter Pachios, according to The New York Post, which first reported the lease.
Founded in 2009 and headquartered in San Francisco, Uber offers its app in over 70 cities. The company most recently completed its Series C funding round in August, raising $258 million from investors including Benchmark, TPG Growth and Google Ventures.