Cryptocurrency company Ripple signs for Chelsea office

San Francisco-based firm inks 7K sf lease at 155 West 23rd Street

New York /
Jan.January 19, 2018 06:10 PM

From left: 155 West 23rd Street, Kaufman Org’s Grant Greenspan and Ripple’s Chris Larsen (Credit: LinkedIn and Ripple)

Blockchain technology company Ripple, which created the cryptocurrency XRP, is opening an office in Chelsea, the firm said.

The San Francisco-based company signed a 6,933-square-foot lease at the Kaufman Organization and Goldman Sachs Asset Management’s 155 West 23rd Street.

At its peak in early January, All XRP coins in circulation were worth almost $300 billion. The price crashed in recent weeks, reportedly costing co-founder Chris Larsen $44 billion on paper by Wednesday. Over the past two days the currency rallied by around 50 percent, to $1.547 as of Friday afternoon. The firm’s investors include Google Ventures, Seagate, Standard Chartered, CME Ventures, Accenture and Andreessen Horowitz.

Cushman & Wakefield’s Sebastian Infante brokered the lease. Asking rents were in the $60s per square foot and Ripple is expected to move in this quarter.

Kaufman bought the leasehold on the 12-story, 71,000-square-foot building, which is part of the former Ring portfolio, from Extell Development in 2015. The new owners spent $10 million on a gut renovation.


Related Articles

arrow_forward_ios
(Getty, Photo Illustration by The Real Deal)
Retail had its reckoning. Will subleases flood the market?
Retail had its reckoning. Will subleases flood the market?
Ascena owns Ann Taylor, Lane Bryant, Lou & Grey and Cacique. (Getty)
Ascena restructuring approved post-bankruptcy
Ascena restructuring approved post-bankruptcy
Apollo Global Management will take over craft retailer Michaels in a deal that values the company at $3.3 billion. (Wikipedia Commons, iStock)
Craft retailer Michaels to go private in $5B deal
Craft retailer Michaels to go private in $5B deal
 JLL CEO of capital markets Richard Bloxam and Roofstock CEO Gary Beasley (JLL, Roofstock, iStock)
JLL gets in rental home business
JLL gets in rental home business
Mack-Cali Realty CEO Mahbod Nia and MaryAnne Gilmartin (Photos via Mack-Cali Realty)
Mack-Cali Realty names Mahbod Nia as CEO
Mack-Cali Realty names Mahbod Nia as CEO
The comedy club argues that if SNL can operate, then they should be allowed to operate too. (Getty)
Manhattan comedy club sues Cuomo over pandemic closures
Manhattan comedy club sues Cuomo over pandemic closures
(iStock)
These were Manhattan’s best office submarkets in Q4
These were Manhattan’s best office submarkets in Q4
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Order up: Real estate investors line up to buy drive-throughs
Order up: Real estate investors line up to buy drive-throughs
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...