Spotify Subleases 69K SF at 4 World Trade Center to HR Platform Rippling
By Abigail Nehring January 3, 2024 1:16 pm
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Subletters are streaming into Spotify (SPOT)’s space at 4 World Trade Center.
The Swedish music streaming service subleased 69,000 square feet on the 59th and 60th floors of the 72-story tower to payroll management platform Rippling, according to spokespeople for landlord Silverstein Properties and Spotify broker Colliers (CIGI).
The spokespeople declined to share the asking rent, but language learning app Duolingo is paying $62 per square foot for the space it started subletting from Spotify on Monday, according to a Securities and Exchange Commission filing.
Rippling was founded in 2016 and has offices in San Francisco, New York and at least five other locations globally, according to its website. It is relocating its New York office from the sixth floor of 470 Park Avenue South.
Spotify was an early adopter of remote work during the COVID-19 pandemic and implemented a permanent work-from-home policy for its employees in 2021.
Early last year, the company revealed plans to offload some of its 564,000 square feet of office space at 4 World Trade Center as a result of its work-from-home policy, Commercial Observer previously reported. It’s also been trying to cut costs and had several rounds of layoffs in 2023.
At the end of 2023, Spotify subleased 85,666 square feet to Duolingo and its new deal with Rippling means Spotify has offloaded at least 154,666 square feet in the tower that Silverstein and the Port Authority of New York and New Jersey own.
Colliers’ Sheena Gohil, Brian Given, Eric Ferriello and Jack Senske represented Spotify while JLL (JLL)’s Kyle Riker and Justin Haber arranged the deal for Rippling.
Riker and Haber declined to comment and a spokesperson for Rippling did not immediately provide a comment. Gohil, Given, Ferriello, Senske and a spokesperson for Spotify did not respond to requests for comment.
Abigail Nehring can be reached at anehring@commercialobserver.com.
