StubHub Upsizes Office Space at World Trade Center
StubHub has signed a sublease totaling approximately 100,000 square feet at 4 World Trade Center in Manhattan. Silverstein Properties owns the 2.5 million-square-foot tower.
Savills facilitated the sublease at this prime office space, which allows StubHub to immediately take possession of one floor in the location. Additionally, Savills negotiated an agreement with the sublessor to enable StubHub to take over two more floors later.
Built in 2013, the Class A, 72-floor building was last subject to a $1.4 billion loan, provided by the Port Authority of New York and New Jersey in 2021 and a previous financing in 2011 of $1.2 billion originated by Bank of New York Mellon, CommercialEdge shows. The property’s tenant roster includes Duolingo, Digital Asset, Media Math and Rippling, among others.
The Savills team that represent StubHub included Scott Bogetti, corporate managing director at Savills, Executive Managing Director Kirill Azovtsev and Managing Director Michael Bertini. Vice Chairman Brad Wolk and Associate Director Will Joumas, who are part of the Savills Integrated Consulting Strategies group, were also part of the Savills team. The sublessor was represented by Vice Chair Sheena Gohil of Colliers.
Availability for sublet in Manhattan
The move showed StubHub’s continued growth at the corporate level, having outgrown its most recent lease. In March 2023, the company signed for 44,000 square feet to establish its headquarters at 3 World Trade Center, also owned by Silverstein Properties.
“The amount of space available for sublet in New York City is at an all-time high,” Pierre Debbas of Romer Debbas LLP, told Commercial Property Executive.
Manhattan’s vacancy rate clocked in at 16.6 percent as of June, down 60 basis points over a 12-month period and stood lower than the 18.1 percent national rate, a recent CommercialEdge report shows.
“There are certainly deals to be had in the sublease market. Having a major company like Stubhub take on 100,000 square feet with an option to take on two additional floors in the future is a great sign for the office leasing market and hopefully a trend that continues,” Debbas added.
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