San Francisco Business Times with CompStak Data: On prowl for S.F. HQ space, Lyft grabs quick fix

Ride-sharing start up company finds a temporary home in SoMa!

On prowl for S.F. HQ space, Lyft grabs quick fix

Reporter-San Francisco Business Times
Oct 15, 2013, 1:56pm PDT
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Lyft, whose cars are identified with a bright pink mustache, will launch in Silicon Valley starting Friday

Lyft, whose cars are identified with a bright pink mustache, will launch in Silicon Valley starting Friday

Lyft, the “ride-sharing” mobile device app company known for its pink mustaches, has grabbed some temporary space while it scours the market for a more permanent headquarters. Lyft, which competes with San Francisco companies Sidecar and Uber, is in the market for 60,000 square feet. Meanwhile the company has leased 16,000 at 185 Clara Ave. in the South of Market neighborhood, according to Compstak. “It buys them time to evaluate what they are going to do,” said Kidder Matthews broker Blake Lugar, who represented Lyft. “It’s short-term swing space.” The one-year deal was about $50 a square foot, according to CompStak. Lyft currently has about 25 job openings in San Francisco. That doesn’t include drivers, who are independent contractors. Lyft also has space at 566 Brannan St. The deal comes as Uber prepares to move into a 88,000 square foot office at 1455 Market St., the building that Square recently moved into. Lyft has raised $83 million in venture funding, including $60 million from top-tier firm Andreessen Horowitz. Liz Hart and Cassidy Zerrer and Cornish & Carey represented the property owner. Other major technology tenants in the market in San Francisco include Practice Fusion, Intuit, Esurance and Eventbrite.

J.K. Dineen covers real estate for the San Francisco Business Times.

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