Crypto Exchange Coinbase to Invest $30M to Expand Office at One Madison Avenue

Coinbase, a leading cryptocurrency exchange platform, has plans to invest a total of $30 million to expand and revamp its office at SL Green Realty’s One Madison Avenue just east of Madison Square Park. 

The office renovation is part of a $750 million investment Coinbase is making to establish a cryptocurrency hub and expand its research and development operations in New York City, according to Empire State Development, which is supporting Coinbase through a $5 million performance-based Excelsior Tax Credit. 

Coinbase leased 67,208 square feet of office space across two floors at One Madison in 2024, Commercial Observer reported at the time. It expanded onto another floor in October, and plans to transform its existing space to support additional hires for its new crypto hub, according to Bisnow, which first reported news of Coinbase’s expansion plans.

Coinbase currently employs 400 hybrid employees based in New York City and plans to add over 630 in-office research and development positions with the new expansion. The new positions will specialize in security engineering, product development and management, data analytics, and information technology.

“New York has quickly solidified its role as a central hub for the global crypto ecosystem,” Shan Aggarwal, chief business officer at Coinbase, said in a statement. “Coinbase’s commitment to New York is a natural step for us, and we are proud to continue scaling our operations here to accelerate our mission.” 

Coinbase, which has more than 100 million users, said it will complete its expansion plans over the next few years.

“New York is where next-generation financial and technology companies come to build, scale, and lead,” Hope Knight, CEO and commissioner at Empire State Development, said in a statement. “Coinbase’s decision to expand its East Coast R&D hub here is a powerful vote of confidence in New York City’s talent, infrastructure, and competitive business environment. This investment deepens our innovation economy and cements New York’s leadership in the future of digital finance.”

One Madison Avenue is a 27-story office tower originally built in 1893 and acquired by SL Green in 2005 for $918 million. Other tenants in the building at Madison Avenue and East 23rd Street include tech giant IBM, business analytics firm Sigma Computing, and artificial intelligence platform Harvey AI. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.