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Spotify Fills the Lease Gap at 4WTC Tower

03/01/2017
Published By: Ioana Ginsac

Streaming Jobs into Lower Manhattan

Gov. Andrew Cuomo announced on February 15th in a press conference streamed via Facebook Live that the “more vibrant, diverse and connected Lower Manhattan” is getting a new jobs creator – Spotify is coming to the neighborhood.

dusk image of 620 avenue of the americas with illuminated ground floor retail

620 6th Ave (RXRrealty.com)

The digital music company is leaving its headquarters, currently at 620 Avenue of the Americas, in 2018. It has outgrown the 160,000 square feet of space there and will be moving the 800+ current employees into the completed 4 World Trade Center development.

Gov. Cuomo’s announcement also stated that Spotify’s expansion is slated to bring in 1000 new employees at the fresh and roomy Lower Manhattan headquarters.

image of the completed 4 world trade center tower with a reflection of the freedom tower

4 WTC tower (Shutterstock)

After months of rumors going around, Spotify signed the lease on floors 62 through 72 of the tower, with an expansion option for floors 59 through 61, according to the New York Post.

The lease occupies 378,000 square feet. If the expansion option is exercised, it completes the leasing of the 2.3 million square feet at 4WTC, making it the first tower of the new development to reach full occupancy.

The World Trade Center Rent Reduction Program will allow Spotify to use up to $11 million in rent credits for this expansion, over the 15 years of the lease.

New WTC Attracts Young Professionals

The tower is designed to integrate a significant portion of destination retail, both at street level and in the underground pedestrian concourses that connect directly to 11 subway lines and the PATH trains. This appeals to many young creative professionals employed in TAMI sectors, who commute from nearby Brooklyn or New Jersey.

Also according to the New York Post, Silverstein’s WTC development president said that this convenience to employees was a major factor in Spotify’s decision.

Neighborhood media, creative and tech tenants include Conde Nast, Group M, PadillaCRT, Syntactx and Media Math. The latter was the first global marketing technology company to commit to 4 WTC, signing a 15 year lease back in July of 2014.

Release Date03/01/2017 - 04:58

Source

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