NEW YORK CITY—PayPal has agreed to relocate its New York headquarters to 95 Morton St. in a 95,000-square foot lease. The digital payments company will more than double its space in the move to the West Village from Midtown South.
CBRE's Frederick Fackelmayer, Sacha Zarba, Jeff Black, Ben Friedland and Michael Hirsch represented PayPal in the 12-year lease. The CBRE team also represented eBay/PayPal in its prior 35,000-square-foot lease at 625 Ave. of the Americas, which the tenant will vacate this summer.
“This is an exciting next step for PayPal, which will be joining its subsidiary, Venmo, at 95 Morton St., further expanding PayPal's presence in New York,” says Fackelmayer. “In addition to a range of building amenities, PayPal will have its own private entrance with dedicated signage.”
Adds Paul Kotcher, who represented the landlord, Brickman, in the deal, “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. Essentially we were able to offer PayPal a building within a building.”
Built in 1911 and converted from a traditional manufacturing building, 95 Morton St. features 200,000 square feet of space and stands eight stories tall. It is undergoing a building-wide capital improvement program that will include new passenger elevators and a private lobby for PayPal, complete with private elevators opening directly onto PayPal's floors.
In September 2014, eBay Inc. announced the planned separation of eBay and PayPal into independent publicly traded companies, effective this year.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
