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Uber Expands Into Palo Alto With 140,000-Square-Foot Lease

Source: bizjournals.com | Re-Post MNM Partners, LLC 7/14/2016

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Uber Technologies Inc., the rapidly growing ride-hailing company valued at $68 billion, is expanding to the Peninsula.

The company has leased 140,000 square feet at 900 Arastradero Road at Stanford Research Park in Palo Alto, said a spokeswoman. The deal is a sublease with software company VMware and is the first time the company has taken Bay Area office space south of San Francisco.

The Uber spokeswoman declined to disclose pricing, but a source with knowledge of the building said the asking rent was $78 per square foot, slightly more expensive than the average Class A rent in San Francisco of $72 per square foot.

Uber’s real estate growth has given it one of the largest footprints among local tech tenants, and the Palo Alto expansion will be in addition to two other major projects.

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