As the race in search of young talent continues to heat up, digital music giant Spotify is looking to New York City for further expansion.
Spotify is in talks to keep its 125K SF at 620 Sixth Ave. in addition to occupying 4 World Trade Center, RXR CEO Scott Rechler, the building's owner, said at Bisnow’s National Finance Summit Thursday morning.
News broke earlier this year that the company would vacate its 125K SF office in Chelsea at 620 Sixth Ave., owned by RXR Realty, to 4 WTC. The music giant committed to take 378K SF at Larry Silverstein’s new tower, bringing its 832 employees downtown while filling the last remaining space in the building.
“[Spotify's] CFO flew in last year and said, 'We need 400K SF.' And I said, ‘How do you go from 125K SF to 400K SF?’” Rechler said. “The answer was their talent pool in Europe wasn’t enough to drive their business, so they decided to relocate more of their operations to New York to drive more of that talent. And now they’re not only taking the 400K SF at 4WTC, but they also told us now they’re probably going to stay in our space at 620 Avenue of the Americas.”
Rechler said, as the talent pool continues to migrate to New York City, companies are following suit.
“New York has been a magnet for the best and brightest people in the world that want to live here, that want to work here,” he said. “This talent pool comes here attracting companies that want to take advantage of that talent. It's this great, self-fulfilling cycle where companies come and attract talent and the talent comes and attracts companies."
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