October 23rd 2024.
Denver's newest publicly traded company, Ibotta, is in search of a new office space to accompany its recent success. Founded in the Mile High City in 2012, the startup went public last spring and now boasts a market capitalization of approximately $2 billion. According to sources familiar with the matter, Ibotta is looking to lease around 85,000 square feet at 16 Market Square, located at 1400 16th St Mall.
The company's CEO, Bryan Leach, has deferred requests for comment to spokeswoman Hilary O'Byrne, who stated, "We don't have anything to share today." Ibotta's app offers a modern take on couponing, providing users with cashback for purchasing specific items. Currently based at 1801 California St, Ibotta first leased the space in 2015 and occupied approximately 75,000 square feet. However, as of 2022, the company has downsized and given up some of its subleased space, according to the Denver Business Journal. At that time, Leach mentioned the possibility of further downsizing at the end of their lease.
Since going public at $88 a share in April, Ibotta's stock has seen some fluctuations and closed at $71.56 on Tuesday. As a result, the company's decision to move to a new building is a significant one. Market Square, completed in the mid-2000s, is an eight-story property owned by the Illinois Retirement Pension Fund. This move would mark a change for Ibotta, as its current headquarters were built in 1983.
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