{"id":1004281058,"date":"2018-11-21T02:02:25","date_gmt":"2018-11-21T10:02:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004281058"},"modified":"2022-12-09T02:12:08","modified_gmt":"2022-12-09T10:12:08","slug":"peloton-to-relocate-hq-to-hudson-commons","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/peloton-to-relocate-hq-to-hudson-commons\/","title":{"rendered":"Peloton to Relocate HQ to Hudson Commons"},"content":{"rendered":"<p>By Gail Kalinoski<\/p>\n<div id=\"attachment_1004281061\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Hudson-Commons-1.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004281061\" data-attachment-id=\"1004281061\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/peloton-to-relocate-hq-to-hudson-commons\/hudson-commons-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Hudson-Commons-1.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Hudson Commons\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Hudson Commons&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Hudson-Commons-1.jpg?w=800\" class=\"wp-image-1004281061 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Hudson-Commons-1.jpg\" alt=\"Hudson Commons\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Hudson-Commons-1.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Hudson-Commons-1.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Hudson-Commons-1.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004281061\" class=\"wp-caption-text\">Hudson Commons<\/p><\/div>\n<p>Cycling equipment company and technology company Peloton will be the anchor tenant at the redeveloped Hudson Commons building on Manhattan\u2019s Far West Side. The firm will take 312,000 square feet of the property\u2019s 700,000 square feet as its corporate headquarters. The global company will be located on floors four through 10 of the 25-story building, plus a 13,000-square-foot space in the basement.<\/p>\n<p>Peloton is moving to the building owned by Cove Property Group at 441 Ninth Ave. in the Hudson Yards submarket in 2020 from 125 W. 25<sup>th<\/sup> St. in Chelsea, where it has about 50,000 square feet of space. The new location, six times larger than its current space, will be close to the recently announced 35,000-square-foot Peloton Studios, the company\u2019s flagship broadcast, production operations and multi-studio space set to open in early 2020 at 5 Manhattan West.<\/p>\n<p><em>\u201cNew York is where Peloton started, and it will continue to be our home as we scale our business globally,\u201d<\/em> John Foley, Peloton co-founder &amp; CEO, said in a prepared statement<em>. \u201cFor a long time, New York was considered to be an afterthought for tech startups, but now it\u2019s the second highest startup ecosystem in the world. By partnering with Cove Property Group, we\u2019re able to truly commit to contributing to the city\u2019s economy and deepening our footprint here.\u201d<\/em><\/p>\n<p>Peloton\u2019s decision to expand in New York City comes one week after Amazon announced it was placing <a href=\"https:\/\/www.commercialsearch.com\/news\/its-official-amazon-announces-hq2-winners\/\">one of its two HQ2 locations<\/a> in Long Island City in Queens, which will eventually add as many as 25,000 technology jobs to the region.<\/p>\n<p>Newmark Knight Frank\u2019s Executive Managing Director Benjamin Birnbaum and Senior Managing Director Ben Shapiro represented Peloton in the Hudson Commons deal. The landlord, Cove Property Group was represented by the CBRE team of Stephen Siegel, Evan Haskell, Paul Haskin, James Ackerson and Benjamin Joseph.<\/p>\n<h2>Cove transforms the building<\/h2>\n<div id=\"attachment_1004196940\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Hudson-Commons-at-441-Ninth-Ave.-in-Manhattan.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004196940\" data-attachment-id=\"1004196940\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/hudson-commons-at-441-ninth-ave-in-manhattan\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Hudson-Commons-at-441-Ninth-Ave.-in-Manhattan.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Hudson Commons at 441 Ninth Ave. in Manhattan\" data-image-description=\"&lt;p&gt;Hudson Commons at 441 Ninth Ave. in Manhattan&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Hudson Commons at 441 Ninth Ave. in Manhattan&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Hudson-Commons-at-441-Ninth-Ave.-in-Manhattan.jpg?w=800\" class=\"wp-image-1004196940 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Hudson-Commons-at-441-Ninth-Ave.-in-Manhattan.jpg\" alt=\"Hudson Commons at 441 Ninth Ave. in Manhattan\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Hudson-Commons-at-441-Ninth-Ave.-in-Manhattan.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Hudson-Commons-at-441-Ninth-Ave.-in-Manhattan.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Hudson-Commons-at-441-Ninth-Ave.-in-Manhattan.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004196940\" class=\"wp-caption-text\">Hudson Commons &#8211; terrace<\/p><\/div>\n<p>Cove Property Group teamed up with Baupost Group in December 2016 to <a href=\"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/\">buy 441 Ninth Ave.,<\/a> then an eight-story office building owned by EmblemHealth, which had converted it from warehouse to office space in 1983. At that time, the buyers received a $220 million acquisition loan from Deutsche Bank. The property is located between 34<sup>th<\/sup> and 25<sup>th<\/sup> streets along the entire block on Ninth Avenue, across from Brookfield Property Partners\u2019 One Manhattan West 67-story office tower and one block east of Hudson Yards, the $25 billion mega mixed-use project being developed by Related Cos. and Oxford Properties Group.<\/p>\n<p>Cove Property Group and its joint venture partner <a href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/\">received $479 million in construction financing<\/a> in November 2017 to transform the older, smaller building into a Class A trophy property aimed at TAMI (technology, advertising, media and information) tenants such as Peloton, as well as fashion, financial and legal firms. HFF arranged the financing through investment funds managed by affiliates of Apollo Global Management, including Apollo Commercial Real Estate Finance Inc., which provided $250 million of first mortgage and mezzanine financing.<\/p>\n<p><em>\u201cHudson Commons was conceived with creativity and entrepreneurialism in mind, offering unique, well-thought-out space to foster the best working environment for the talent of this generation,\u201d<\/em> Kevin Hoo, Cove\u2019s co-founder &amp; managing partner, said in a prepared statement. <em>\u201cNot only are John Foley and his exceptional team global standard-bearers in their field, [but] Peloton\u2019s ethos is [also] a fantastic match for that of Hudson Commons, and we are very excited for the world-class space they will soon call home.\u201d<\/em><\/p>\n<p>New York City isn\u2019t the only place where Peloton is growing its office space. In May, the firm signed a 27,500-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/peloton-to-open-north-dallas-office\/\">lease at Legacy Central in Plano, Texas<\/a>, for a regional campus, the company\u2019s first support hub outside New York. Peloton planned to hire as many as 400 people to staff the Plano office at 6600 Chase Oaks Blvd., a 200,000-square-foot building that is part of Regent Properties\u2019 technology-oriented and mixed-use campus.<\/p>\n<p><em>Images courtesy of Newmark Knight Frank<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The global cycling equipment and technology company will occupy more than 300,000 square feet at the redeveloped 25-story building in Manhattan.<\/p>\n","protected":false},"author":1068,"featured_media":1004281061,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21743,21808,1600,10,21747],"tags":[43109,32789,33174,36007,43106],"class_list":["post-1004281058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-deals","category-featured","category-new-york","category-northeast","category-office","tag-benjamin-joseph","tag-cbre","tag-cove-property-group-llc","tag-newmark-knight-frank","tag-stephen-siegel"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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