PayPal Leases Major Office Space in New York

Over the holiday season, one of the largest office agreements of 2025 went unnoticed. This lease has garnered attention from key state economic officials due to its significance.

PayPal, which also owns Venmo, has signed a 10-year lease for 261,000 square feet at 345 Hudson/555 Greenwich Street in Hudson Square. Currently, the company operates a smaller space of under 100,000 square feet at 95 Morton Street.

Hope Knight, President and CEO of Empire State Development, commented on PayPal’s decision, stating, “Choosing New York for their latest expansion strongly endorses the talent, energy, and innovation present in our tech ecosystem. This investment is anticipated to create quality jobs and reinforce New York’s status in the global fintech arena.”

According to officials, when PayPal moves into its new space in 2027, it will occupy three floors as a “flagship” workplace. The connected buildings on Hudson and Greenwich Streets cover an estimated area of 1.2 million square feet.

Hudson Square Properties, a joint venture involving Trinity Church, Norges Bank, and managing partner Hines, oversees the property. Jason Alderman, a senior managing director at Hines, noted, “Hudson Square is increasingly recognized as New York City’s hub for innovation and growth.” He added that PayPal’s move illustrates broader trends in Manhattan’s office market, with companies prioritizing top-tier workplaces that deliver unique employee experiences.

PayPal will share its new space with other tenants, such as Audacy and Lerer Hippeau Ventures, alongside Hines itself. Hudson Square Properties has also secured a few other substantial office leases in 2025, including a notable 360,000-square-foot lease with Horizon Media at 75 Varick Street, which may challenge Equinox’s position as a retail tenant.

This joint venture manages 6 million square feet spread across 13 buildings in an area that was once the heart of the city’s printing industry in the early 20th century.