Commercial
New York
Manhattan’s sublease glut may be coming to an end
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Coinbase opening first NYC office at 55 Hudson Yards
Cryptocurrency platform is subleasing 30K sf of Point72’s office
Coinbase’s next big move? Opening its first New York City office.
Fresh off its IPO, the cryptocurrency exchange platform has inked a 30,000-square-foot sublease at 55 Hudson Yards, the New York Post reported. Coinbase is taking part of Point72 Asset Management’s 339,000-square-foot space at Related Companies’ tower.
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Commercial
New York
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National
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The terms of the deal were not clear, but Point72’s lease runs until 2034, paying $88.37 per square foot. Sublease rents are usually less than the original leases.
San Francisco-based Coinbase went public — the first major cryptocurrency company in the U.S. to do so — in April, with a market valuation of $85.7 billion.
It joins other tech tenants at Hudson Yards, including Facebook, which signed leases for more than 1.5 million square feet of office space across three buildings, including about 1.2 million square feet at 50 Hudson Yards, 265,000 square feet at 30 Hudson Yards and 57,000 square feet at 55 Hudson Yards.
[NYP] — Akiko Matsuda
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