4WTC now fully leased as Spotify takes 378000 s/f

Feb 17, 2017, 00:29

Spotify and Gov. Andrew Cuomo announced Wednesday that the music streaming company will be moving its US headquarters to 4 World Trade Center next year.

"Today's Spotify announcement is music to our ears".

Spotify, which now has offices in Midtown South, will move its NY office and its employees to 378,000 square feet of office space in the new Fumihiko Maki-designed building owned by Silverstein Properties, Inc.in early 2018.

Spotify will make its USA headquarters in about 400,000 square feet of space in 4 World Trade Center, a 2.3 million square foot tower developed by Silverstein Properties Inc.

Spotify will be able to use $11M in rent credits through the World Trade Center Rent Reduction Program, and plans to occupy floors 62 through 72, with expansion options for floors 59 to 61.

Magic deal Serge Ibaka to Raptors for Terrence Ross, first-round pick
Woj further reports that general manager Masai Ujiri intends on re-signing Ibaka when he hits free agency this offseason. Ross has proven himself as a good three-point shooter which he believes can be his major contribution to the Magic.

The company's offices are now located in midtown Manhattan. The relocation and expansion will accommodate more than 1,000 new jobs as well as 832 existing jobs. "This major commitment by a pioneer of the digital economy is further proof that Lower Manhattan has become the top destination for New York's most innovative companies". The new jobs created will include engineers, marketing professionals, analytics professionals, and staff to handle a host of other critical business functions.

To celebrate the move, Cuomo released his own Spotify playlist, which features lots of Billy Joel.

Spotify is reportedly considering a potential US stock market listing.

Spotify was launched by Swedish-based Spotify AB in 2008. But with a current valuation of $8 billion and studies showing the streaming service is accruing subscribers faster than Apple, to the point that it now accounts for 43 percent of paid subscribers worldwide (according to research firm MIDiA), the company may be on the path to profitability which will help it in its quest for an IPO, reportedly due to happen either this year or in 2018. The company has yet to show a profit.