NEW YORK, Nov. 19, 2018 /PRNewswire/ -- Peloton, the global technology company that revolutionized the fitness industry with its category-creating indoor cycling bike and Peloton Tread, announced today that it will relocate its corporate headquarters to a 312,000-square-foot, state-of-the-art office space at Hudson Commons. Considered to be one of the most successful tech startups in New York City, the company is increasing its presence in the metropolitan area and reshaping New York City as the cultural hub for technology and innovation.
The company plans to move into its new offices located at 441 Ninth Avenue in 2020. Peloton will be the anchor tenant of Cove Property Group's 700,000-square-foot Hudson Commons redevelopment and will occupy floors 4 through 10, plus a 13,000-square-foot basement. The new headquarters will be located near the recently announced 35,000-square-foot Peloton Studios, the company's flagship broadcast, production operations and multi-studio space set to open in the Manhattan West development in early 2020.
"New York City is where Peloton started, and it will continue to be our home as we scale our business globally," said John Foley, Peloton co-founder and CEO. "For a long time, New York was considered to be an afterthought for tech start-ups, but it's now the second highest performing startup ecosystem in the world. As our brand lives at the intersection of fitness, technology and media, this city is where the best talent can be found across all three of those industries. By partnering with Cove Property Group, we're able to truly commit to contributing to the city's economy and deepening our footprint here."
"Hudson 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," said Kevin Hoo, Cove's Co-Founder and Managing Partner. "We are thrilled to welcome Peloton as a partner in this endeavor. Not only are John Foley and his exceptional team global standard-bearers in their field, Peloton's ethos is a fantastic match for that of Hudson Commons, and we are very excited for the world-class space they will soon call home."
The new space will be six times larger than Peloton's current corporate office, which occupies 50,000 square feet in Chelsea. The New York-based company employs more than 1,000 people across the US, Canada and the UK, including corporate, studios, retail and field operations.
Peloton, recently recognized as the Most Innovative Company by the Manhattan Chamber of Commerce, is reinventing at-home fitness by bringing the energy and benefits of studio-style workouts to the convenience and comfort of home for its Members. With its groundbreaking technology, Peloton enables its Members to participate in both live and on-demand classes from the convenience of their own homes. Peloton produces nearly 24 hours of live content per day from its Peloton Bike and Peloton Tread Studios in NYC, and has more than 10,000 live and on-demand instructor-led indoor cycling, running, bootcamp, yoga and stretching classes for its Peloton Bike, Peloton Tread and Peloton Digital platforms. To date, Peloton has nearly one million Members, comprising Peloton Bike and Peloton Tread owners, iOS app users and in-studio riders, and expects to add millions more in the coming years.
For the new Hudson Commons headquarters, Peloton was represented by Executive Managing Director Benjamin Birnbaum and Senior Managing Director Ben Shapiro of Newmark Knight Frank, while Cove Property Group was represented by the CBRE team of Stephen Siegel, Evan Haskell, Paul Haskin, James Ackerson and Benjamin Joseph.
Founded in 2012, Peloton is a global technology company reinventing fitness by bringing the energy and benefits of studio-style workouts to the convenience and comfort of home. With more than 10,000 live and on-demand classes, taught by a roster of elite instructors, Peloton delivers real-time motivation and curated playlists from the world's best artists. The brand's immersive content is accessible through the Peloton Bike, the Peloton Tread, and Peloton Digital, which provide a full slate of fitness offerings, anytime, anywhere, through an iOS app or the web. Headquartered in New York City, Peloton is changing the way people get fit through a comprehensive and socially-connected experience that makes every workout both efficient and addictive. The company has a growing number of retail showrooms across the US, UK and Canada. For more information, visit www.onepeloton.com
ABOUT COVE PROPERTY GROUP
Cove is a New York City-based owner, operator and developer of institutional grade commercial
real estate. Founded by Kevin Hoo, Tom Farrell and Amit Patel, Cove's team has a combined 50 years of direct property acquisition / disposition, development, ownership and asset
management expertise, which integrates seamlessly with an entrepreneurial, yet significant
equity partner to form a well-capitalized real estate operating platform with deep experience.
Cove focuses on investment and redevelopment, as well as ground-up development, of key
asset types including commercial office, retail, residential and industrial. For more information,
please visit www.covepg.com.
ABOUT CBRE GROUP, INC.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
ABOUT NEWMARK KNIGHT FRANK
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group"), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. ("BGC"), a leading global brokerage company servicing the financial and real estate markets.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group's and BGC's Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.