By: Meyer Wolfsheim

In a strategic move reflecting both tenant needs and real estate dynamics, StubHub has secured a significant 103,000 square feet at 4 World Trade Center, expanding from its previous 44,000-square-foot space at 3 World Trade Center. Savills facilitated the deal for StubHub, which also includes a future option to acquire additional space at 4 WTC. This expansion supports StubHub’s growth and its global headquarters consolidation in one of Manhattan’s premier office buildings.

Savills managing director Scott Bogetti emphasized the importance of the deal, noting, “This significant expansion at 4 World Trade supports StubHub’s growth within its global headquarters in one of the premier buildings in Manhattan.” The move highlights the robust demand and strategic value of Silverstein’s World Trade Center properties, which include Towers 3, 4, and 7. These buildings collectively offer approximately 10 million square feet of space and maintain high occupancy levels.

The lease shift is part of a broader trend, with Spotify also adjusting its office footprint. Spotify, a leading global streaming service founded in 2006, is undergoing significant changes as it adapts to a hybrid work model and navigates recent cost-cutting measures. The company has been reducing its office space in response to layoffs and shifting work-from-home policies. Earlier this year, Spotify subleased 69,000 square feet to Rippling and 85,000 square feet to Duolingo. Following these adjustments, Spotify’s remaining space at 4 WTC now constitutes just over half of its original 564,000 square feet.

Spotify’s evolution reflects its role in transforming the music industry with its innovative streaming platform, which revolutionized how music is consumed globally. Acquired by eBay in 2007, StubHub, initially founded in 2000, became a major player in the secondary ticket market. It was sold to Viagogo in 2020, further expanding its reach and solidifying its position in the live-events industry.

Jeremy Moss, leasing director at Silverstein Properties, commented on the World Trade Center’s appeal, saying, “Part of the appeal of a campus setting with multiple buildings is providing the opportunity to grow, even for larger tenants. When sublease space becomes available at the World Trade Center, it gets taken very quickly.” The direct rents for remaining spaces at 4 WTC are in the $90s per square foot, with some spaces at 3 WTC reaching into the hundreds.

The World Trade Center complex is also home to other prominent tenants. 3 World Trade Center houses WPP, Freshfields, McKinsey, and Uber, while 4 World Trade Center accommodates Zurich, a division of KKR, and online financial platform Clear Street, which recently occupied floors previously leased to Media Math. This bustling environment underscores the desirability and competitive nature of office space within the World Trade Center.