Bilt, the tech startup known for giving renters credit card-like points for shopping in their neighborhood, is moving its headquarters to the Meatpacking District.
Ankur Jain’s $11 billion neighborhood commerce platform signed a 58,000-square-foot lease with Nuveen to take over the former Samsung building at 837 Washington Street, the company told The Real Deal.
The company struck a deal to receive up to $6.25 million in tax credits under the state’s Excelsior Jobs Program, which incentivizes growing companies to stay in New York.
“New York City is where Bilt was born, and it’s where we’ll continue to grow,” said Jain, who added the 15-year lease demonstrates the company’s belief that New York is “the epicenter of innovation and the perfect place to build an American-made platform that connects people to rewarding experiences in their homes and neighborhoods.”
The Meatpacking District, he said, is the best neighborhood “to showcase what happens when commerce, community and culture come together.” The new HQ will include a ground-floor neighborhood cafe where Bilt will highlight its emphasis on neighborhood experiences.
Bilt will pay $225 per square foot for the ground-floor retail space, according to a source, and the rent on the office floors starts at $160 per square foot and climbs to $190 by the end of the lease.
The company plans to relocate from its current office at 31 Bond Street in Noho by early next year. Bilt now has more than 200 employees and plans to create 625 new jobs under the agreement with the Empire State Development Corporation.
Gov. Kathy Hochul said Bilt’s decision to stay in New York “underscores the unmatched talent, energy, and opportunity that only New York can offer.”
Jain launched Bilt in 2021 and boasts that the company’s network includes one in every four apartment buildings across the country. He said the company was valued at $10.75 billion in July after a $250 million funding round led by General Catalyst and GID.
Thor Equities, Taconic Investment Partners and Square Mile Capital redeveloped 837 Washington Street in 2011 and leased the entire building to Samsung. They sold it to Nuveen, the real estate arm of TIAA-CREF, in 2015 for $200 million — setting a record for the Meatpacking District.
Read more
Ankur Jain pitches Bilt Rewards to NYC landlords, brokers
Bilt’s $200M round doubles valuation to $3B
Thor, Taconic’s $200M sale of Meatpacking building sets record
