Cash App takes new Soho office
Jack Dorsey’s payments platform outgrew parent company Square’s office
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.