Online payment system PayPal is moving from its current location at 625 Avenue of the Americas in Chelsea to 95 Morton Street at the corner of Washington Street in the West Village, according to The New York Post.
The company will expand from 35,000 square feet to 95,000 square feet with the 12-year deal. The location will serve as PayPal’s New York City headquarters, though its global headquarters will remain in San Jose, Calif.
CBRE’s Frederick Fackelmayer, Sacha Zarba, Jeff Black, Ben Friedland and Michael Hirsch represented PayPal.
“This is an exciting next step for PayPal, which will be joining its subsidiary, Venmo, Inc., at 95 Morton Street, further expanding PayPal’s presence in New York,” said Mr. Fackelmayer in prepared remarks. “In addition to a range of building amenities, PayPal will have its own private entrance with dedicated signage.”
The owner, Brickman Associates, was represented by Paul Kotcher in-house, according to the Post, which also noted that asking rents at the property today are $80 per square foot.
“The opportunity to bring a great tenant like PayPal to the building was exactly what we had envisioned when we elected to create a unique large block of space,” said Mr. Kotcher in a prepared statement. “Essentially we were able to offer PayPal a building within a building.”
The property at 95 Morton Street, built in 1911, includes 200,000 square feet across eight stories.