P E L O T O N Q U A D R U P L E S H Q S PA C E I N C H E L S E A

M AT T H E W A S T R AC H A N :

• Peloton, a new cycling fitness startup, is moving its headquarters to the top four floors of a Normandy Real Estate Partners-owned Chelsea office building

• The startup is the first tenant to sign at the 12-story, 138,000-square-foot Class A property at 119-125 West 25th Street, between Sixth and Seventh avenues

• The average asking rents for Class A buildings in Chelsea — in the Midtown South office market — are around $90 per square foot, according to data.

• According to Astrachan, “Nearly 100,000 square feet are available for lease at Normandy’s office building, including retail space spanning 7,400 square feet on the ground floor and 7,800 square feet in the basement. There are also full floor spaces available in the building.”

• The article goes on to explain:

• “Earlier this month, Peloton raised $75 million from fitness-focused private equity firm Catterton. The company, founded in 2012, positions itself as the more convenient, less cultish Soulcycle, where customers buy a bicycle for about $2,000 with a built-in tablet computer.”

• For more information, please read therealdeal.com’s article here.

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