Spotify is happily stepping aside to make more room for StubHub at the World Trade Center.
Streaming platform Spotify is set to sublease its 103,000-square-foot space at 4 World Trade Center to StubHub, the New York Post reported.
The entertainment ticket broker moved its headquarters to 3 World Trade early last year from Midtown, taking a 44,000-square-foot lease on the 59th floor of the 80-story office tower, The Real Deal previously reported.
This new space will replace that and reportedly also allow StubHub, who was repped by Savills, to take even more of Spotify’s space at 4 World Trade sometime in the future.
Spotify has been reducing its space due to layoffs, cost-cutting and a “liberal work-from-home policy.” The company in January subleased space to payroll management platform Rippling. The most recent deal will bring its space to around half of its original size of 564,000 square feet, according to the Post.
Another mystery tenant at 3 World Trade may be about to exercise an option to expand into StubHub’s soon-to-be vacated 3 World Trade space, the outlet reported based upon a source who did not disclose the identity of the tenant.
Savills managing director Scott Bogetti called the building “one of the premier buildings in Manhattan, not just Downtown” and commended the collaboration “between all parties involved in this transaction.”
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Larry Silverstein owns the WTC towers 3, 4 and 7, which contain about 10 million square feet and are “virtually full” according to the outlet.
The StubHub-Spotify sublease terms were not reported, but Silverstein’s leasing director Jeremy Moss told the outlet that leases are still available for “what little space remains” from the $90s per square foot at 3 World Trade and “well into the hundreds “ at 4 World Trade.
— Christina Previte