The cryptocurrency landscape continues to evolve—and so does the physical footprint of its leading players. Coinbase, one of the world’s most prominent digital asset exchanges, has secured a significant new office lease in the heart of Manhattan, signaling a strategic shift despite its long-standing "remote-first" policy.
The company has signed an 11-year lease for 67,208 square feet at One Madison Avenue, a redeveloped commercial tower owned by real estate giant SL Green. The space spans two full floors in the 1.4-million-square-foot building located between East 23rd and East 24th Streets—a prime location in Manhattan’s Flatiron District.
This move marks a notable expansion for Coinbase, which will vacate its current 30,000-square-foot office at 55 Hudson Yards, opened in 2021. While the exact asking rent remains undisclosed, recent comparable deals suggest rates near $170 per square foot, based on Flutter Entertainment’s lease on the 23rd floor.
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A Strategic Shift Amid Market Recovery
Coinbase first gained attention in 2020 when it declared itself a “remote-first” company, aligning with pandemic-era workplace trends. That same year, its revenue surged to $1.3 billion—doubling from the previous year—fueled by rising Bitcoin prices and increased retail adoption of crypto platforms.
The company made history in 2021 as the first major cryptocurrency exchange to go public via a direct listing on Nasdaq. However, the following year brought challenges: as the crypto market cooled, Coinbase laid off 18% of its workforce and paused expansion plans.
Fast forward to 2025, and the tide appears to be turning. With its stock recovering and trading around $240 per share, Coinbase is reasserting its presence in key markets—not just digitally, but physically. The new lease at One Madison underscores confidence in long-term growth and institutional legitimacy.
Despite having no official corporate headquarters, Coinbase maintains leased offices across California, Oregon, and several international hubs in Europe and Asia. This latest move suggests that even remote-first companies recognize the value of centralized collaboration spaces for leadership, client engagement, and talent retention.
One Madison: A Reimagined Financial Hub
One Madison Avenue—formerly known as the MetLife Tower—has undergone a transformative redevelopment since 2020. SL Green invested heavily in modernizing the historic structure, including a complete gut renovation and the addition of a striking 500,000-square-foot glass tower atop the original building.
The project reached completion in September 2024, when the developer received a temporary certificate of occupancy. Since then, SL Green has attracted high-profile tenants seeking premium office space with modern amenities and sustainable design features.
Prior anchor leases include tech titan IBM, which committed to 328,000 square feet, and asset management firm Franklin Templeton Investments, leasing 347,000 square feet. Coinbase now joins this elite roster, reinforcing the building’s status as a destination for forward-thinking financial and technology firms.
The property offers state-of-the-art infrastructure, floor-to-ceiling windows, flexible floor plates, and proximity to public transit—features increasingly important for hybrid work models and ESG-conscious enterprises.
Brokerage Representation and Industry Trends
The transaction was brokered exclusively by JLL, with a dedicated team representing both parties:
- Representing SL Green: Paul Glickman, Benjamin Bass, Diana Biasotti, and Alexander Chudnoff
- Representing Coinbase: Todd Stracci and Steven Rotter
Notably, Rotter has since transitioned to Newmark, underscoring the fluid nature of commercial real estate talent amid a competitive market.
This deal reflects broader trends in the post-pandemic office sector: while remote work remains prevalent, many tech and fintech firms are reevaluating their physical presence. Purpose-built spaces that support innovation, culture, and client interaction are becoming strategic assets—not relics of the past.
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Why This Move Matters for Crypto's Institutional Future
Coinbase’s decision to expand into One Madison sends a powerful signal: digital asset companies are maturing into institutional players with long-term real estate commitments.
Key implications include:
- Increased legitimacy: Occupying space alongside IBM and Franklin Templeton strengthens Coinbase’s credibility in traditional finance circles.
- Talent magnetism: A premier Manhattan address enhances appeal to top-tier engineering, compliance, and business development talent.
- Hybrid work optimization: The space likely supports hybrid models—balancing remote flexibility with in-person collaboration.
- Brand visibility: Physical presence reinforces brand permanence during volatile market cycles.
As regulators continue shaping the framework for digital assets, having boots on the ground in key financial districts may also facilitate closer engagement with policymakers and institutional partners.
Frequently Asked Questions (FAQ)
Q: Why is Coinbase moving from Hudson Yards to One Madison?
A: While specific reasons haven’t been disclosed, One Madison offers newer facilities, larger contiguous space, and a concentration of financial services tenants—ideal for networking and operational synergy.
Q: Does this contradict Coinbase’s “remote-first” policy?
A: Not necessarily. Many remote-first companies maintain strategic office hubs for team alignment, onboarding, and client meetings. This move likely supports hybrid operations rather than a full return-to-office mandate.
Q: What is the lease term and size?
A: Coinbase signed an 11-year lease for 67,208 square feet across two floors at One Madison Avenue.
Q: Is Coinbase establishing a corporate headquarters?
A: No. According to its investor site, Coinbase does not have a corporate headquarters. It operates under a distributed model with offices in multiple regions.
Q: How does this impact NYC’s commercial real estate market?
A: It’s a positive indicator. Tech and fintech demand helps revitalize Midtown South’s office sector, especially for redeveloped buildings with modern specs.
Q: Who owns One Madison Avenue?
A: The property is owned and managed by SL Green Realty Corp., New York City’s largest office landlord.
Final Thoughts: Beyond Virtual Spaces
Coinbase’s latest real estate play demonstrates that even in a decentralized digital world, physical presence still matters. As crypto integrates deeper into global finance, companies like Coinbase are building both technological infrastructure and institutional credibility—one square foot at a time.
For observers of fintech evolution, this deal is more than a lease signing—it’s a milestone in the normalization of digital assets within mainstream business ecosystems.
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Core Keywords: Coinbase, One Madison Avenue, cryptocurrency exchange, SL Green, commercial real estate, crypto market, remote-first company, Bitcoin