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Coinbase, the prominent cryptocurrency exchange, is making a strategic move by relocating its New York office from Hudson Yards to One Madison in Manhattan’s Flatiron District. The decision comes as part of a larger plan to expand its workspace, according to a source familiar with the matter who spoke to The Block.
The Commercial Observer recently reported on Coinbase’s new rental agreement, which entails an eleven-year lease for a 67,208-square-foot space at One Madison. This marks a significant upgrade from its previous office at 55 Hudson Yards, which the company has leased since 2021.
While Coinbase has not publicly commented on the reason for the relocation, sources indicate that the new office space is approximately twice the size of its Hudson Yards location. However, there are no immediate plans to change the company’s remote-work policy or increase its New York-based team size.
Coinbase’s headcount has remained relatively stable this year, with 3,416 employees as of the end of 2023. It remains uncertain whether Coinbase will terminate its existing lease at Hudson Yards or wait for it to expire.
Although specific rental costs for One Madison were not disclosed by Coinbase, recent deals in the building suggest premium rates. In comparison, the average asking rents at Hudson Yards are slightly lower, reflecting the competitive real estate landscape in Manhattan.
Coinbase’s move coincides with favorable market conditions for tenants, as Manhattan landlords are offering concessions to address high office vacancy rates. Despite regulatory challenges in the past, Coinbase’s financial performance has improved, with the company posting profits in the first quarter of 2024 amid a surge in cryptocurrency prices.
This relocation is part of Coinbase’s broader strategy, as the company continues to expand its footprint. In addition to the New York office move, Coinbase also secured a 40,000-square-foot space in California’s Bay Area last summer.
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