PayPal Inks 261K-SF Lease at 345 Hudson Street
By Amanda Schiavo January 12, 2026 11:44 am
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Before the holidays, PayPal managed to quietly pull off a massive lease arrangement with Hudson Square Properties.
The tech company behind Venmo has signed a 10-year, 261,000-square-foot lease at 345 Hudson Street in Manhattan’s Hudson Square neighborhood, according to a release from Hines, which is part of the Hudson Square Properties joint venture along with Trinity Church and Norges Bank. News of the lease was first reported in The New York Post.
The office building between Charlton and King streets is interconnected with 555 Greenwich Street, which is also part of the landlords’ Hudson Square portfolio.
“New York has always been at the heart of global commerce and innovation, making it the perfect location for PayPal’s continued growth,” a spokesperson for PayPal told Commercial Observer. “We are excited to deepen our roots in New York and contribute to the city’s thriving fintech ecosystem while providing our teams with a world-class workplace that fosters collaboration and creativity.”
The asking rent was not disclosed, but the average asking rent for office space in Lower Manhattan was $58.40 per square foot during the fourth quarter of 2025, according to CBRE data.
“PayPal’s lease at 345 Hudson and 555 Greenwich speaks to the larger trend shaping Manhattan’s office market of companies prioritizing best-in-class environments that deliver a differentiated experience to their workforce,” Jason Alderman, senior managing director and head of New York, at Hines, said in a statement announcing the lease. “By attracting top-tier tenants like PayPal, Hudson Square is reinforcing its position as a hub for innovation and growth in New York City.”
CBRE’s Paul Amrich, Howard Fiddle, and Neil King represented the landlord in this deal, while the firm’s Freddie Fackelmayer and Sacha Zarba represented the tenant.
“PayPal choosing New York for its latest expansion is a powerful endorsement of the talent, energy and innovation that define our tech ecosystem,” Hope Knight, president and CEO of Empire State Development, said in the statement. “This investment is projected to create high-quality jobs and strengthen New York’s position at the forefront of global fintech.”
Originally built in 1931, 345 Hudson Street was redeveloped by Hudson Square Properties around 2023. PayPal also occupies about 100,000 square feet at 95 Morton Street.
Other tenants at 345 Hudson Street include tech giant Google, radio streaming service Audacy New York, and digital sports platform Fanatics.
Amanda Schiavo can be reached as aschiavo@commercialobserver.com.
