Coinbase Commands 67K SF at SL Green’s One Madison

SL Green is raking in coins from a cryptocurrency exchange setting up shop at the landlord’s latest office development.

Coinbase signed a lease for 67,000 square feet at One Madison Avenue, the Commercial Observer reported. The 11-year deal will see the company take two floors at the 1.4-million-square-foot office tower.

The asking rent for Coinbase’s lease wasn’t disclosed, but SL Green recently signed another tenant at the building, whose 23rd floor lease came in at $170 per square foot. The cryptocurrency exchange also has 30,000 square feet at 55 Hudson Yards. It’s unclear what Coinbase plans for the space.

JLL’s Paul Glickman and Benjamin Bass were among those representing SL Green, while JLL’s Todd Stracci and Steven Rotter represented the tenant.

Other tenants at One Madison include cybersecurity firm Palo Alto Networks and celebrity chef Daniel Boulud, who is operating multiple spaces within the property, which spans a full-block site between Park and Madison Avenues, as well as East 23rd and East 24th Streets.

SL Green acquired the property in 2005 for $918 million before launching a $2.3 billion redevelopment. Work was completed in September and the landlord received a temporary certificate of occupancy.

Last year, Coinbase leased 40,000 square feet in Silicon Valley. Both of its recent leases are somewhat inconsistent with the company’s move to go fully remote, which resulted in it abandoning its headquarters space in San Francisco in 2021. That year, Coinbase became the first crypto exchange to go public.

Elsewhere in Manhattan, insurance firm Everest decided to climb into a different office space, signing a 66,000-square-foot deal to relocate to the Durst Organization’s 1155 Sixth Avenue, the Commercial Observer reported. Asking rent was $85 per square foot. The company is relocating on a 15-year deal from an SL Green property, 461 Fifth Avenue.

— Holden Walter-Warner