Coinbase is planning to relocate its New York headquarters to a larger office at One Madison in Manhattan’s Flatiron District. This move signifies the end of their time at 55 Hudson Yards. The cryptocurrency exchange is set to take up a new workspace of 67,208 square feet, which is twice the size of its current office.
Details of the Lease and Financials
A few weeks ago, the company signed a lease agreement for eleven years’ duration, but the specific financial details of this deal have yet to be revealed. According to market data, the rental rate for comparable spaces in the building is estimated to be quite high, with an average of $170 per square foot. However, Coinbase’s previous location at Hudson Yards had rent prices that barely reached $100 per square foot.
Tenants looking to renew leases in Manhattan now have an advantageous situation. According to recent reports, property developers are providing considerable discounts to rent out empty offices due to their eagerness to decrease the prevalent high vacancy rates in the city.
Coinbase’s decision to relocate comes with regulatory hurdles and a surge in its financial success. Facing scrutiny from government authorities, the corporation’s financial health has improved, leading to an impressive increase in its stock worthiness over the past twelve months.
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2024-04-18 22:44