Zagster Selects Cambridge Office Market for Headquarters Expansion
Anyone who has spent any time in the Cambridge office market will testify that it is the perfect place for a bike-sharing company like Zagster. The area is chock full of bike traffic. Take a look around the next time you venture into the Cambridge office market and you will likely notice at least a few bicyclists along the side of the road or waiting to turn at stop signs.
Zagster representatives recently revealed that they plan to expand their Cambridge office market headquarters. The company’s founder, Timothy Ericson, is on record as stating that the Cambridge office market has a “culture for biking” and that the company would like to surround its staff with individuals who “are similar in mindset”. Zagster currently employs 45 people in the Cambridge office market and San Francisco. The company intends to expand its headcount to 60 by the end of this year. The vast majority of these new additions will work at Zagster’s new headquarters in the Cambridge office market.
Zagster’s new Cambridge office market headquarters will be located at 25 First St. This space stretches 11,000 square feet, a considerable increase from the 6,800 square feet worth of space at the company’s previous headquarters located at 24 Thorndike St. Zagster made the official move-in earlier this month. Part of the motivation to move to a larger headquarters can be attributed to the company’s rapid growth. There has been a significant spike in demand for Zagster bike sharing programs at colleges, corporations and small cities throughout the United States.
Zagster is a “turn-key” style of business in the fact that it charges groups $150 a month for access to a shareable bike. It’s a unique business model as there is no pressure on city or town leaders to spearhead bike-sharing efforts on their own. Current Zagster customers include Yale University, Ohio State University, Novartis, General Motors, the city of Albuquerque and the city of Fort Collins. It was only 12 months ago when Zagster was located in a mere eight states. Today, the company provides bike-sharing programs to customers across 35 states. Its revenue tripled compared to the year prior. Though the exact revenue figure has not been disclosed, Ericson has stated that it is in the millions.
Ericson attributes Zagster’s rapid growth to the heightened awareness that bike-sharing programs actually exist. Bike-sharing was a relatively unknown industry when Zagster first launched in 2012. A number of big cities have since introduced bike-sharing programs that have been monumental successes. These popular programs have inspired numerous other cities, universities and businesses to test the bike-sharing waters.
If you would like more information regarding office buildings available in the greater Boston market, contact Jeremy Cyrier at [email protected] or by phone at 617-340-8520.