As Lyft makes waves on Wall Street with the filing of its initial public offering, the ride-sharing company is also making a splash on D.C.’s iconic Pennsylvania Avenue.
Lyft signed a lease in recent weeks at Market Square, a two-building mixed-use complex at 701 and 801 Pennsylvania Avenue, a Columbia Property Trust spokesperson tells Bisnow.
Columbia Property Trust, which owns Market Square in partnership with Blackstone, did not disclose the size of Lyft’s office space, but said it is one of at least four leases signed at Market Square so far this year totaling 30K SF. The three other tenants Columbia said have signed on are AstraZeneca, Biogen and National Grid.
The ride-sharing company filed its IPO prospectus Friday, revealing it brought in $2.2B in revenue last year, double its 2017 earnings, though it recorded a net loss of $911M.
The filing also listed Lyft’s office locations. In addition to its San Francisco headquarters, Lyft has offices in Palo Alto, Seattle, New York City, D.C., Nashville, Chicago, London, Montreal and Munich. The company in 2016 established a Mid-Atlantic regional headquarters in Crystal City, signing a 5,500 SF lease at 2011 Crystal Drive. Last month, Lyft signed on for over 100K SF in Manhattan, near the Hudson Yards megaproject.
Lyft did not respond to requests for comment about the size or nature of its new D.C. office. But given its location, it appears it could be used as a government affairs office. Market Square sits directly between the White House and the U.S. Capitol on Pennsylvania Avenue and has positioned itself as a hub for corporate government affairs offices.
“We have worked diligently to establish Market Square as the epicenter of the legislative offices of Fortune 500 and leading midsize companies in Washington D.C,” Columbia Property Trust East Region Vice President Mark Witschorik said in a February release.
Of the 65 tenants signed on at the 696K SF office building, 33 are Fortune 500 companies, Columbia Property Trust said. The owner acquired the property in 2011 and launched a major renovation in 2016 after two law firms moved out. The renovations added a new entryway, lobby, fitness center and conference center. It is preparing to finish the new rooftop deck atop 801 Pennsylvania this spring, featuring an 8K SF event space.
“We really targeted government affairs tenants that value a significant amenity offering coupled with a great location and recognizable real estate in Market Square,” said JLL’s Evan Behr, who leases the building with partner Doug Mueller on behalf of the landlord.