CBRE Group, Inc. athat it represented PayPal in its 95,000 s/f, New York headquarters office relocation to 95 Morton Street in Manhattan’s West Village.
The digital payments company will more than double its space in the move.
CBRE’s Frederick Fackelmayer, Sacha Zarba, Jeff Black, Ben Friedland and Michael Hirsch represented PayPal in the 12-year lease at 95 Morton Street.
The CBRE team also represented eBay/PayPal in its prior 35,000 s/f office lease at 625 Avenue of the Americas, Chelsea, which PayPal will vacate this summer.
“This is an exciting next step for PayPal, which will be joining its subsidiary, Venmo, Inc., at 95 Morton Street, further expanding PayPal’s presence in New York,” said Fackelmayer.
“In addition to a range of building amenities, PayPal will have its own private entrance with dedicated signage.”
In September 2014, eBay Inc. announced the planned separation of eBay and PayPal into independent publicly traded companies, effective in 2015.
Founded in 1998, PayPal continues to be at the forefront of the digital payments revolution, processing almost 11.6 million payments per day.
“The opportunity to bring a great tenant like PayPal to the building was exactly what we had envisioned when we elected to create a unique large block of space,” said Paul Kotcher, who represented the landlord, Brickman, in the deal at 95 Morton Street. “Essentially we were able to offer PayPal a building within a building.”
Built in 1911 and converted from a traditional manufacturing building, the 8-story, 200,000 s/f 95 Morton Street is undergoing a building-wide capital improvement program that will include new passenger elevators and a private lobby for PayPal.
