Peloton is reportedly looking to sublease part of their New York City headquarters. According to the commercial real estate news site Bisnow, Peloton has listed 100,000 square feet of their Hudson Commons space for sublease:
Peloton signed a 312K SF anchor lease at the trophy office building at 441 Ninth Ave. in 2018, occupying nearly half of the 700K SF tower on Manhattan’s Far West Side. It leases 298K SF across all of the fourth through 10th floors, as well as 13K SF on the building’s lower level.
This includes both the 4th & 5th floors of the building, which accounts for 50,000 square feet of space.
As a reminder, Peloton Studios New York (PSNY) – which is opening to the public for the first time in more than two years through a soft reopening in June and July – is located in Hudson Yards, but they also maintain a corporate office space only a few blocks away.
Peloton is apparently paying $94.82 per square foot with a lease ending in 2035. The rideshare company Lyft is also a major resident of this particular commercial building.
It has been a tough past few months for Peloton, whose stock price has dropped more than 90% from its peak. This latest development indicates that Peloton is looking to recoup some of the money they’ve spent on office space. Just last week the Peloton Output Park – which Peloton announced they’d be closing when founder and former CEO John Foley stepped down – was listed for sale for $85 million.
You can read the full article from Bisnow here, but note that it is behind a free registration page.
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