Ride-hailing juggernaut Uber is about to sign a massive lease at 3 World Trade Center, where it will relocate its New York headquarters, according to a new report.
The deal will give the ride-hailing app seven floors, totaling more than 300,000 square feet, with an option to take an eighth floor for an additional 50,000 square feet, Crain’s New York Business reported on Friday.
The expansion comes as Uber struggles to raise its stock price after pricing its shares in a May initial public offering at $45 — below expectations. The stock closed Friday down 2.4% to $33.25 a share, giving Uber a market value of $56.5 billion.
Crain’s reported that the San Francisco-based company — with offices in Chelsea and Times Square, as well as outposts in Brooklyn, the Bronx and Long Island City — plans to consolidate several locations at the space.
Crain’s said rents at 3 WTC are in the high $80s per square foot, reflecting rising demand for commercial property in lower Manhattan.
The building’s largest tenant, with 700,000 square feet, is GroupM — the world’s largest advertising media company by billings.