Fitbit (NYSE:FIT) grew its San Francisco office footprint by 154 percent with a 164,000-square-foot lease in the South Financial District – the second-largest deal in the city so far this year.
The nine-year, $96.3 million lease at 199 Fremont St. helps the fitness device maker find room for a ballooning number of employees after it pulled off one of the most lucrative public offerings this year. It currently jams 500 employees into 90,000 square feet at 405 Howard St. a block away.
“Our investment in this new space will enable us to expand our workforce as we continue to deliver innovative products and services to help people lead healthier, more active lives,” the company wrote in a statement.
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It will now lease 254,000 square feet total in San Francisco – a rapid rise after it leased just two floors at 150 Spear St. two years ago.
The 199 Fremont lease trails only Uber’s 173,000-square-foot lease at 555 Market St. as the biggest this year. Tech companies have signed four of the five deals over 100,000 square feet in San Francisco this year and 76.5 percent of those large deals since 2014, according to JLL.
As it's proven profitable, Fitbit has pleased investors. The company raised $732 million in its initial public offering last month, bolstered by a first quarter net income of $48 million – a fivefold rise from the previous years.
100+ stock next year then who knows strike while the iron is hot until then enjoy the ride up.http://seekingalpha.com/article/3298035-why-is-fitbit-flying-and-will-it-continue
The iPhone is not a one trick pony? Also one of the poorest quality phone on the market so what is your point.
Hey Wilson I am bumping into a lot of people who own one.Just talked to a women and her husbands company gave out the fitness bands.This company is already profitable enjoy the rocket ship because we are ready for take off.Wait until the numbers are released end of the month Fitbit will blow your mind.
You are so ignorant did you know that the iPhone is one of the poorest quality phone on the market.Have to hand it to Apple they sucked a lot of morons in.Just think 60+ million a quarter bought into this garbage but hey if you owned the stock you did very well since 2003.People I guess only know how to buy junk maybe Fitbit is next I do not own one nor will I buy one but if the stock is going to fly this will be great for us shareholders.
Fitbit Inc (NYSE:FIT) had a hugely successful debut on the NYSE on Thursday, with shares opening up over 50 percent from the IPO price. However, the question investors are asking is if the company can sustain itself going forward, while it faces competition from the tech biggies.
Jonathan Roosevelt, Roosevelt Capital chairman and an early investor on the Fitbit IPO, was on CNBC recently to answer that question.
Marketing: An Opportunity To Stay In Front
"What Fitbit recognizes is they have to continue to establish brand leadership," Roosevelt began. "And they see marketing as an opportunity to stay in front. But they have, I think, a dominant market share – 85 percent of this wearable category they are in [...] they want to keep it that way."
Related Link: Fitbit CEO Says Company Is More Than Just Wearables
Management Team Will Make It Survive
Roosevelt was asked about the possibility of Fitbit surviving in the long run if the wearables space gets disrupted by a very large player like Apple Inc. (NASDAQ:AAPL). He replied, "There’s absolutely the potential to be disrupted and again I come back to the management team.
"I used to work with James Park (Fitbit’s CEO) in a company and he is the best strategic mind I have ever met in technology. And I am confident he’ll stay in finding, continue to innovate and release new products.
"They have released a lot of products, and they continue to stay in front and, I think, they’ll continue to do that."
Much Like Apple
On Fitbit’s potential to innovate in the long run, Roosevelt said, "I think of them as a hardware-software company, much like Apple. And you have seen Apple’s innovation; it has been unbelievable. We wouldn’t have predicted they would dominate the music industry as they did years ago.
"I think we will see similar things from Fitbit. I think they think of themselves as a health company, but also as a hardware-software leader," Roosevelt concluded confidently.
Read more at http://thestockmarketwatch.com/news/read.aspx/can-fitbit-be-an-apple-like-innovator-this-early-investor-thinks-so/367092bcacb8ac0e41fb7d4a97586932/#iVlD2K0Vpo8KcMYQ.99
Had a shot @ 30 Friday but did not pull the trigger.In @ 35.Nokia same thing everyone said sell I bought and made out well now that they sold phone division they have nothing other than maybe selling HERE map.Not waiting for that to happen I moving on