Uber Signs $24M Lease in SaMo
Market sources tell Bisnow ride-sharing icon Uber has signed a 10-year lease for 40k SF in Santa Monica.
Colliers EVP Nico Vilgiate tells Bisnow the deal at 1733 Ocean Ave likely got done in the high $4's to low $5's/SF, making the lease worth a total of about $24M. He says the lease is another example of the submarket filling remaining holes (last week, WeWork signed a big lease). He says SaMo is the perfect place for Uber, as the beachside community operates more like a big city where Uber caters to its commercial and private sector users on a regular basis.
The company, co-founded by Travis Kalanick, has been rapidly expanding its commercial real estate footprint, including the recent announcement of plans to develop its new HQ in S.F.
The lease comes after Uber picked up about 12k SF on 7th in the leading tech corridor. Market sources say the new deal will not impact the space on 7th. Nico says Santa Monica continues to see growth, which will be important in the coming year as there has been talk of Microsoft, Yahoo and more Silicon Beach staples leaving for other submarkets.