Coinbase Inks 67K-SF Deal at One Madison
By Abigail Nehring April 15, 2024 12:29 pm
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Cryptocurrency exchange Coinbase will move into SL Green (SLG)’s One Madison Avenue, Commercial Observer has learned.
The global crypto trading platform signed an 11-year lease for 67,208 square feet across two floors of the 1.4 million-square-foot building between East 23rd and East 24th streets, according to sources with knowledge of the deal.
SL Green teased the news last week saying a mystery financial services firm signed on for space in the property, but declined to provide the name. A spokesperson for SL Green declined to comment. Coinbase will vacate the 30,000-square-foot office it opened at 55 Hudson Yards in 2021 for One Madison. A spokesperson for the company did not immediately respond to a request for comment.
Asking rent in the deal is unclear, but space on the 23rd floor was priced at $170 per square foot in a deal announced last week with sports betting conglomerate Flutter Entertainment.
Coinbase became a trendsetter early in the pandemic when it announced it would become a “remote first” company in May 2020. Its revenue doubled that year to $1.3 billion as the value of Bitcoin skyrocketed, and Coinbase became the first major crypto company to go public in 2021.
Its stock began a nosedive the following year, and Coinbase laid off 18 percent of its staff as the crypto market unraveled. But Coinbase’s stock has recovered and was trading at $240 per share Monday morning.
The crypto exchange has no corporate headquarters, according to its website. Despite its remote first policy, Coinbase opened the Hudson Yards office in 2021 and says it leases office space in California, Oregon and other cities in Europe and Asia.
JLL (JLL) brokered both sides of the deal, with Paul Glickman, Benjamin Bass, Diana Biasotti and Alexander Chudnoff representing SL Green, while Todd Stracci and Steven Rotter arranged it for Coinbase. Rotter recently departed JLL for Newmark.
A spokesperson for the brokerage declined to comment.
SL Green embarked on a redevelopment of One Madison, also known as the MetLife Tower, in 2020, gut-renovating the building and adding a 500,000-square-foot glass tower on top. The developer said it completed the work in September and received a temporary certificate of occupancy.
The landlord previously inked deals with IBM and Franklin Templeton Investments to become anchor tenants in the building.
Abigail Nehring can be reached at anehring@commercialobserver.com.
