StubHub is ditching Midtown and opening a much larger headquarters at Silverstein Properties’ 3 World Trade Center in a rare positive sign for Manhattan’s office market.
The ticket marketplace signed a 44,000-square-foot lease on the 59th floor of the 80-story office tower, Silverstein said. StubHub is moving from multiple locations in Midtown, including Isaac Chetrit’s 24-story office building at 1412 Broadway in the Garment District, where it signed a long-term lease in 2016.
Completed in 2018, 3 World Trade Center is now almost 90 percent leased with asking rents averaging $125 per square foot, according to a Silverstein spokesperson.
StubHub’s lease is the third major deal at the tower since last summer. In August, law firm Freshfields Bruckhaus Deringer signed a 15-year deal for 180,000 square feet. In September, software company Asana more than doubled its space, taking an additional 44,000 square feet.
Other tenants in the tower include media agency WPP, Hudson River Trading, Uber, alcohol conglomerate Diageo, mattress seller Casper and the stock exchange IEX.
Office landlords are still struggling to bring workers back. Occupancy across the 10 largest U.S. cities stands at around 50 percent, according to data tracked by Kastle Systems, the highest it’s been since the start of the pandemic, and occupancy in New York City has generally lagged behind the national average.
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But despite broader struggles in the city’s office sector, new top-of-the-line towers such as One Vanderbilt and Silverstein’s World Trade Center buildings have outperformed the market. Last year, three tenants took 73,000 square feet at the 104-story One World Trade. The completed portion of the World Trade Center complex is now 95 percent leased, according to Silverstein’s Jeremy Moss.
Moss represented the landlord in the StubHub deal, while CBRE’s Sacha Zarba and Brendan Herlihy represented StubHub.