Cash App takes new Soho office

Jack Dorsey’s payments platform outgrew parent company Square’s office

New York /
Jan.January 12, 2021 04:15 PM
Cash App CEO Jack Dorsey with 13 Crosby. (Getty, Google Maps)

Cash App CEO Jack Dorsey with 13 Crosby. (Getty, Google Maps)

 

Like a Bitcoin wallet, Cash App is expanding.

The popular online-payment app recently signed a lease for a 40,000-square-foot office in Soho, a spokesperson for parent company Square, Inc. confirmed to The Real Deal.

The new office at 13 Crosby Street will provide permanent space for current and future Cash App employees, the spokesperson said. Employees currently work out of the nearby office on West Broadway of Square, the mobile-payments company co-founded by Twitter’s Jack Dorsey.

Financial terms of the deal weren’t available. The landlord at 13 Crosby Street, Boquen Realty, couldn’t be immediately reached for comment.

Cash App profits were up more than 200 percent during the fall last year to $435 million, Square’s third-quarter filings show. The app is a popular way to transfer Bitcoin, the cryptocurrency that some real estate investors are experimenting with.

The new lease comes at a bleak time for Manhattan’s office market, which has yet to see the vast majority of workers return. The city lags behind others, with 13 percent of workers back as of November. Los Angeles and Dallas saw 32 and 41 percent, respectively, of workers come back in.

Manhattan saw a 56 percent year-over-year drop in annual leasing volume 2020, for a total of 18.9 million square feet, according to Colliers International.

As for Soho, the submarket had an office vacancy rate of 13.1 percent during the fourth quarter, according to Cushman and Wakefield. That’s slightly higher than the average across the borough of 11.1 percent.

In the fall, Comcast signed a lease in Soho for 25,000 square feet at Zar Properties’ 109 Wooster Street. Neither Comcast nor Zar Properties could be immediately reached for comment.





    Related Articles

    arrow_forward_ios
    Industrious co-founder Justin Stewart and 25 Broadway/Cunard Building (LinkedIn, Tdorante10/CC BY-SA 4.0/via Wikimedia)
    Industrious partners with Wolfson for 44K sf at Cunard Building
    Industrious partners with Wolfson for 44K sf at Cunard Building
    Yelp's Jeremy Stoppelman, Remote Work
    Yelp shuttering NYC, Chicago offices after eyeing subleases for remote
    Yelp shuttering NYC, Chicago offices after eyeing subleases for remote
    Two Manhattan West with Brookfield's Ben Brown and Clifford Chance's Evan Cohen (Brookfield Properties, Clifford Chance)
    Law firm takes 144K sf at Brookfield’s Two Manhattan West
    Law firm takes 144K sf at Brookfield’s Two Manhattan West
    TIAA CEO Thasunda Duckett and 730 Third Avenue (Getty Images, Google Maps, iStock)
    TIAA sublets 40K sf at 730 Third Avenue
    TIAA sublets 40K sf at 730 Third Avenue
    143 Spring Street (Google Maps)
    Soho rent discount goes poof as Pinko blames “landlord’s remorse”
    Soho rent discount goes poof as Pinko blames “landlord’s remorse”
    1290 Sixth Avenue and Cushman & Wakefield's Toby Dodd (Google Maps, Cushman & Wakefield, iStock)
    Cushman & Wakefield on the hunt for new NYC office
    Cushman & Wakefield on the hunt for new NYC office
    Tishman Speyer CEO Rob Speyer and 30 Rockefeller Plaza (iStock)
    NBC wavering on 30 Rock expansion
    NBC wavering on 30 Rock expansion
    Harkham Ventures' Aron Harkham and 133 Grand Street (LinkedIn, Google Maps)
    Harkham family, Yan Moshe, Alan Fried score mid-market deals
    Harkham family, Yan Moshe, Alan Fried score mid-market deals
    arrow_forward_ios

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

    Loading...