4 World Trade Center Hits Full Occupancy with Spotify Exercising Their Expansion Option

August 9, 2017

Tech Office Spaces Author

Washington D.C. Team Market Expert | Assistant Director, Savills Studley | DC/MD/VA Licensed Real Estate Broker

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The music giant is taking an additional 100,000 square feet at Silverstein’s brand new office tower.

Back in February, Spotify chose Silverstein Properties‘ 4 World Trade Center for its new 378,000 square foot headquarters in New York City. Most recently, the music giants executed their lease option to take on an additional 100,000 square feet, bringing the building to 100% occupancy. The asking rent for this space was $85 per square foot. However, Spotify was able to take advantage of an $11 million rent reduction over the course of the lease for taking advantage of the State of New York’s incentive program keeping 800 jobs and adding 1,000 new ones. In addition, Spotify will retain its 100,000 square feet at 620 Avenue of the Americas.

The Port Authority of New York & New Jersey and the City of New York anchor 4 World Trade Center. Furthermore, New York Mets broadcaster SNY, PadillaCRT, and financial services firm Hudson River Trading have taken space here as well. The World Trade Centers have been extremely successful in the last 18 months leasing up their buildings. Tenants around New York City have responded positively towards new construction and incentive programs.

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