Grocery shopping app Instacart is leasing 60,000 square feet at 50 Beale in the South Financial District in a deal brokered by JLL. That’s quite a leap from the 13,000 square feet it currently occupies in South Park at 420 Bryant St.
Rents in its new neighborhood go for $67.30 per square foot, according to Cushman & Wakefield, so by those calculations, it would be paying about $4 million per year for its new digs.
More leasing by the firm could be on the way. It is rumored to be looking for between 100,000 to 150,000 square feet.
The $2-billion startup intends to grow its employee base from 120 to 500 workers by the end of the year.
50 Beale, which was built in the 1970s, was acquired by Paramount Group last year for $395 million.