PayPal To Open Huge NYC Office At Hudson Square Campus: The N.Y. Deal Sheet
Payments platform PayPal took a sizable bite out of Hudson Square’s most sought-after office complex.
PayPal, which also owns Venmo, signed a 261K SF, 10-year lease at the recently connected 345 Hudson St. and 555 Greenwich St. buildings for a new flagship workplace.
The two buildings are part of the more than 6M SF Hudson Square Properties complex owned by a joint venture of Trinity Church NYC, Norges Bank Investment Management and Hines. The buildings were formerly used to house printing presses.
It is unclear if PayPal is trading its existing New York City footprint for its new home or expanding when the office is ready in 2027. The payments firm signed a 95K SF lease at Archstone Builders’ 95 Morton St. in 2015.
The developers wrapped up the redevelopment of 345 Hudson last year, which included building the connection to 555 Greenwich, and are targeting tech and media companies as tenants. Other tenants at PayPal’s new home include Audacy, Lerer Hippeau Ventures and Hines, the New York Post reported.
CBRE’s Paul Amrich, Howard Fiddle and Neil King represented the landlord, while the brokerage’s Freddie Fackelmayer and Sacha Zarba represented PayPal.
TOP LEASES
Gibson Dunn renewed its 362K SF at The Irvine Co.’s 200 Park Ave., Commercial Observer reported. The law firm has been at the MetLife Building since 1982. Other tenants include fellow law firm Winston & Strawn, CBRE and Italian eateries La Pecora Bianca and Giulietta.
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Rilla signed a 57K SF lease at Global Holdings Group’s 25 Kent Ave., where asking rents were $76 per SF, The Real Deal reported. The artificial intelligence company’s 10-year lease brings the eight-story Williamsburg property to 72% leased. Craig Panzirer and Alex Radmin represented Global Holdings in-house, alongside Newmark’s Jordan Gosin, Will Grover and Drew Wiley. Newmark’s Cooper Weisman and Ryan Gessin represented Rilla.
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EXLservice Holdings renewed and expanded to 30K SF at Munich Re’s 320 Park Ave., Commercial Observer reported. Asking rent at the Midtown office was $170 per SF. The deal brings the 35-story building to 100% leased, with JLL’s David Kleiner, Frank Doyle and Carlee Palmer representing the landlord. Savills’ Scott Bogetti and Meghan Marchini represented the tenant.
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BXP signed insurance company Starr to 275K SF at its under-construction 46-story, 930K SF office tower, 343 Madison Ave., it announced last week. Starr will occupy 11 floors starting at the 16th, taking up roughly 30% of the building for its New York headquarters. Cushman & Wakefield’s John Picco, Peter Van Duyne, and Alex Lachmund represented Starr, while CBRE’s Peter Turchin, John Maher, Evan Haskell and Caroline Merck represented BXP.
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Adams & Co. signed communications firm Purple to 24K SF at 16 Madison Square W. Purple will relocate from 322 Eighth Ave. to accommodate its growth and was repped by JLL’s Simon Landmann, Harrison Potter and Graham Jameson. Jeff Buslik and Ben Levy represented Adams & Co. in-house.
TOP SALES
Blackstone subsidiary Perform Properties sold The Shops at Skyview at 40-24 College Point Blvd. to Acadia Realty and TPG for $425M. The 550K SF Flushing mall is 97% leased and is anchored by grocery tenants BJ’s Wholesale Club and Sky Foods. Newmark’s Adam Spies, Adam Doneger, Conor Lalor and Ben Lushing arranged the sale, while colleagues Jordan Roeschlaub, Nick Scribani, John Caraviello and Tim Polglase arranged a $289M acquisition loan from Mizuho to finance the sale.
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RXR acquired a 45% stake in GO Partners’ 265 E. 66th St., plus 20 nearby townhome units, Bloomberg reported. The sale values the property at approximately $435M. The Soloviev Group’s former iteration, Solow Building Co., originally developed the 295-unit apartment building before selling it and the townhouses to GO Partners in 2023 for $425M, The Real Deal reported at the time.
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TPG Angelo Gordon and Aurora Capital Associates acquired 410 W. 13th St., a five-story Meatpacking District office building, from Epic for $71M, Crain’s New York Business reported. Epic bought the building in 2011 for $69M. Tenants in the 80K SF building include Red Bull, Kimmeridge and Match Group.
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Barone Management sold a 67K SF Elmhurst building to The Renaissance Charter Schools, which raised $95M from bond investors for the $85M purchase, Commercial Observer reported. Renaissance will rent the land underneath the building, 45-20 83rd St., for 55 years.
TOP FINANCING DEALS
GFP Real Estate has landed a long-term loan to refinance the Midtown office building where it is headquartered. Apple Bank provided the $86.5M loan for 515 Madison Ave., a 42-story, 350K SF Plaza District office tower. GFP now has a 100% ownership stake in the building after acquiring ATCO's minority interest as part of the financing deal. The new 10-year loan replaces a $120M mortgage originated in 2012. Newmark represented GFP two years after the landlord tapped Iron Hound Management to negotiate an extension of 515 Madison's CMBS loan, which fell into special servicing in 2023.
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Madison Realty Capital and Naftali Credit Partners supplied a $125M loan to RJ Capital Holdings and Top Rock Holdings to build a new luxury condo building at 70-28 Grand Central Parkway, formerly Parkway Hospital, in Forest Hills. The 252K SF development is expected to deliver 241 units upon completion in late 2027. Arrow Real Estate Advisors’ Morris Betesh, Eli Serebrowski, Alex Bailkin and Matt O’Hanlon arranged the deal.
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Douglaston Development scored a $250M bridge loan from Wells Fargo for 1057 Atlantic Ave., retiring a $185M construction loan from the same lender, Commercial Observer reported. The 17-story building with market-rate and affordable apartments was developed by Douglaston’s construction arm, Levine Builders, and began leasing late last year.
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M&T Bank supplied Park Towers South Co., a Goldfarb family affiliate, with $156.6M to refinance a 284-unit Hell’s Kitchen rental property built in 1965, PincusCo reported. The financing retires a $127.6M loan from Flagstar Bank for 315 W. 57th St., which has been owned by the Goldfarb family for more than 43 years.
