Cushman & Wakefield announced today that it represented Emmes Asset Management in a long-term lease to Peloton Interactive LLC at 158 West 27th Street. Peloton, a new high-tech fitness company, will use the Midtown South space located between Avenue of the Americas and Seventh Avenue as its world headquarters.
Peloton is a New York based company that has transformed the at-home fitness experience by creating a bike that merges high-design with modern technology to provide access to live streaming and on demand classes by top instructors. Peloton will occupy 9,661 square feet on the entire fourth floor of the 12-story building, which Emmes is fitting out to meet Peloton’s business needs. Co-founded by John Foley and Marion Roaman, Peloton recently opened a flagship studio in Chelsea to offer riders the opportunity to experience their favorite classes in-person. With a state of the art studio, the best instructors and content distribution, Peloton delivers an efficiently intense workout that motivates, while positively changing the mind and body.
“We partnered with Emmes because of their reputation as a professional landlord who cares about their tenants’ happiness.” said John Foley, CEO of Peloton. “While the market is tight, we saw a lot of nice properties and ended up opting to go with the landlord with the best reputation. Together with Emmes and our architect Andy Bernheimer, we are going to make this space one of the coolest technology office spaces in Manhattan.”
Bill Bond, a Senior Vice President at Emmes, added, “We were happy to quickly meet Peloton’s space needs and add their headquarters to our building. Cutting-edge tenants like Peloton, are a perfect fit for our modern industrial loft building.”
A Cushman & Wakefield team, led by Ethan Silverstein, Mark Mandell, Mattias Li and Bruce Mosler, Chairman of Global Brokerage, represented Emmes Asset Management as exclusive leasing agent. Ben Shapiro and Ben Birnbaum of Newmark Grubb Knight Frank represented Peloton.
“Peloton was in search of a loft space in Chelsea that they could move into quickly and would meet their business needs as they continue to rapidly expand,” said Silverstein “158 West 27th was a perfect fit for both sides. Ownership has agreed to build out the space on the fourth floor and Peloton will have a fantastic full floor space in one of the hottest neighborhoods in Manhattan. Emmes is very excited to welcome an innovative company like Peloton to their tenant roster.”
Midtown South, which has a vacancy rate of 8.2%, continues to be the tightest Central Business District in the nation. The area is highly desirable among technology and creative users.