U.S. markets close in 5 hours 46 minutes
  • S&P 500

    +26.08 (+0.57%)
  • Dow 30

    +146.53 (+0.41%)
  • Nasdaq

    +113.37 (+0.74%)
  • Russell 2000

    +30.08 (+1.34%)
  • Crude Oil

    -0.30 (-0.36%)
  • Gold

    +6.90 (+0.38%)
  • Silver

    +0.07 (+0.31%)

    +0.0072 (+0.62%)
  • 10-Yr Bond

    +0.0280 (+1.83%)

    +0.0053 (+0.38%)

    -0.4010 (-0.35%)

    +2,555.04 (+4.33%)
  • CMC Crypto 200

    +60.90 (+4.29%)
  • FTSE 100

    -16.84 (-0.23%)
  • Nikkei 225

    -278.15 (-0.96%)

Zagster and Forest City Bring Bike Sharing to University Park at MIT

CAMBRIDGE, MA--(Marketwire - Sep 25, 2012) - Zagster, a company that provides bikes-as-a-service, today announced it has partnered with Forest City Management to offer a bike sharing program to tenants of the University Park at MIT development in Cambridge. Tenants can reserve and ride comfortable, city-friendly cruiser bikes for just $9/day or all you can ride for $29.95/month or $49.95/year, allowing them a healthy, convenient and fun way to run errands, go to class, visit friends or attend business meetings. The bikes are also available to the general public.

"As more and more people rely less and less on a personal automobile, alternative modes of transportation -- like bikes -- become critical features in housing, on campus and at the worksite," said Timothy Ericson, co-founder and CEO of Zagster. "Zagster is proud to have been selected by Forest City to implement and manage a bike sharing program that provides economically and environmentally sustainable transportation for their tenants."

There are now 15 bikes available on-demand for tenants of University Park at MIT for up to a full day's use. Each bike contains a bike lock with the key stored inside a lock box. After joining Zagster at www.zagster.com riders simply Text 'start' plus the bike number (e.g. 'start 46') to a phone number. A confirmation message with the access code for the lock box is texted back. This action reserves the bike for the remainder of the day or until the bike is returned. Riders text "end" to the same number, which releases the bike for the next rider.

University Park includes four residential complexes, 10 research/office buildings, 250,000 square feet of hotel, restaurants and retail space comprising 2.3 million square feet across 27 acres. The centerpiece is a 1.3 acre University Park Common, one of the environmental comforts available at University Park. The many amenities at the development include: health and fitness facilities, entertainment features like Wi-Fi, multi-media and play rooms, and multiple event facilities.

"We see bike sharing as a great way to add value to tenants while at the same time helping them reduce the cost and hassle of personal transportation in the city," said Jay Kiely, Senior Property Manager at Forest City. "Our partnership with Zagster and support of bike sharing aligns with our core value of sustainability and stewardship. We believe in being proactive with our environmental responsibility and enhancing the communities we build, so we look forward to seeing people Zagging all over Cambridge."

Zagster is developing a national footprint of bike sharing programs in partnership with real estate/apartment companies, businesses, hotel chains and universities, all of whom are looking to provide value added services and benefits to tenants, guests or employees.

About Zagster
Founded in Philadelphia in 2007 as CityRyde and now headquartered in Cambridge, Mass., Zagster is one of the nation's first bike sharing companies. Zagster is uniquely focused on contracting with property managers, hotels, businesses, and universities across North America to make bike sharing programs available to tenants, employees, guests and students. This highly efficient and unique model allows Zagster to offer services in areas that traditional city-wide bike sharing systems can't reach. More information about Zagster is available online at http://www.Zagster.com.

About Forest City Commercial Management
Forest City Commercial Management is a subsidiary of Forest City Enterprises, Inc., an NYSE-listed national real estate company with $10.5 billion in total assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit www.forestcity.net.