Coinbase, a popular cryptocurrency exchange, is making a strategic move by relocating its New York office from Hudson Yards to One Madison in Manhattan’s Flatiron district. The decision comes as part of a larger plan to expand its workspace, according to sources familiar with the matter who spoke to The Block.
Commercial Observer recently reported on Coinbase’s new lease agreement, which entails an 11-year lease for 67,208 square feet of space at One Madison. This is a significant upgrade from the company’s previous offices at 55 Hudson Yards, which it has been leasing since 2021.
Coinbase has not publicly commented on the reason for the move, but sources say the new office space is roughly twice the size of the Hudson Yards location. However, there are no immediate plans to change the company’s remote work policy or increase the size of its New York-based team.
Coinbase’s headcount has remained relatively stable this year, with 3,416 employees at the end of 2023. It remains unclear whether Coinbase will terminate its existing lease at Hudson Yards or wait for it to expire.
Specific rental costs for One Madison were not disclosed by Coinbase, but recent transactions for the building have suggested premium rates. By comparison, Hudson Yards’ average asking rent is slightly lower, reflecting Manhattan’s competitive real estate environment.
Coinbase’s move coincides with favorable market conditions for tenants as Manhattan landlords are offering concessions to address high office vacancy rates. Despite past regulatory issues, Coinbase’s financial performance has improved, and the company recorded a profit in the first quarter of 2024 amid surging cryptocurrency prices.
This move is part of Coinbase’s broader strategy as the company continues to expand its footprint. In addition to the New York office move, Coinbase also secured a 40,000-square-foot space in California’s Bay Area last summer.
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