Like the bitcoin wallet, the Cash App is expanding.
A popular online payment application recently signed a lease for a 40,000-square-foot office in Soho, a spokesman for parent company Square, Inc. confirmed. of The Real Deal.
The new office at 13 Crosby will provide permanent space for current and future Cash App employees, the spokesman said. Employees currently work in a nearby office on West Broadway of Square, a mobile payments company co-founded by Twitter’s Jack Dorsey.
The financial terms of the agreement were not available. The landlord at 13 Crosby, Boquen Realty, could not be contacted immediately for comment.
Cash application profits rose more than 200 percent to $ 435 million last fall, Square shows in the third quarter. This application is a popular way to transfer bitcoin, the cryptocurrency that some properties have investors they are experimentation with.
A new lease is coming in bleak time for the Manhattan office market, which has not yet seen the return of the vast majority of workers. City lags behind behind others, with 13 percent of workers back in November. In Los Angeles and Dallas, 32 and 41 percent of workers returned.
Manhattan saw Year-on-year decrease of 56 percent according to Colliers International in the annual lease volume of 2020, ie a total of 18.9 million square feet.
As for Soho, according to Cushman and Wakefield, the sub-market had an vacancy rate of 13.1 percent during the fourth quarter. That’s slightly more than the 11.1 percent average in the entire neighborhood.
In the fall, Comcast signed a 25,000-square-foot lease in Soho at 109 Wooster Street. Neither Comcast nor Zar Properties could be contacted immediately.