The cryptocurrency exchange Coinbase is making a significant move in New York City’s commercial real estate market with a new long-term lease at One Madison Avenue, a premier office tower developed by SL Green. The 11-year agreement covers 67,208 square feet across two floors of the redeveloped MetLife Tower, signaling a strategic shift for the digital asset platform despite its remote-first workforce policy.
This expansion reflects growing confidence in hybrid work models and underscores institutional validation of crypto-native companies within traditional financial districts. As one of the most recognizable names in blockchain and digital currency, Coinbase's physical presence in Manhattan reinforces its legitimacy amid evolving market dynamics.
A Strategic Relocation in Midtown South
Coinbase will vacate its 30,000-square-foot space at 55 Hudson Yards, which opened in 2021 as part of the company’s pre-pandemic growth phase. The relocation to One Madison Avenue—situated between East 23rd and East 24th Streets—positions the firm at the heart of a revitalized tech and finance corridor.
While exact rental terms were not disclosed, recent leasing activity at the property offers context: Flutter Entertainment secured space on the 23rd floor at $170 per square foot, suggesting comparable rates for Coinbase’s footprint. The building, now totaling 1.4 million square feet after a major redevelopment, features modern infrastructure ideal for tech-forward tenants.
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Redefining Remote Work with Physical Presence
Coinbase made headlines in May 2020 when it announced a "remote-first" company model, allowing employees to work from anywhere. That decision came during a surge in crypto adoption, fueled by pandemic-era digital transformation and a bull run in Bitcoin’s value. Revenue doubled that year to $1.3 billion, culminating in its landmark direct listing on Nasdaq in 2021—the first major crypto exchange to go public.
Yet, even as remote operations remain central to its culture, the company continues to invest in physical offices. Beyond New York, Coinbase maintains leased spaces in California, Oregon, and key international hubs across Europe and Asia. These locations serve as collaboration centers, client meeting points, and talent magnets—especially in competitive job markets.
This hybrid approach allows flexibility while fostering innovation through in-person interaction, particularly among engineering, compliance, and executive teams.
One Madison: A Hub for Financial Innovation
Developed by SL Green, One Madison (also known as the MetLife Tower) underwent a transformative redevelopment beginning in 2020. The project included a complete gut renovation and the addition of a striking 500,000-square-foot glass tower atop the historic base. The upgraded building achieved a temporary certificate of occupancy in September 2023, marking it as one of the most modern Class A office assets in Midtown South.
The property has already attracted blue-chip tenants such as IBM and Franklin Templeton Investments, both of which signed anchor leases exceeding 300,000 square feet. Their presence affirms the area’s appeal as a nexus for technology, finance, and institutional credibility.
For Coinbase, joining this ecosystem enhances its visibility among traditional financial players and regulators—critical stakeholders as the crypto industry pushes for clearer frameworks and broader adoption.
Brokerage and Market Impact
The lease transaction was brokered exclusively by JLL, with Paul Glickman, Benjamin Bass, Diana Biasotti, and Alexander Chudnoff representing SL Green. On Coinbase’s side, Todd Stracci and Steven Rotter led negotiations—though Rotter has since moved to Newmark.
This deal adds momentum to New York City’s recovering office market, where tech and fintech firms are emerging as key demand drivers despite ongoing challenges related to post-pandemic occupancy trends.
Why This Move Matters for the Crypto Industry
Coinbase’s decision to expand its physical footprint sends a powerful message: digital-native companies are integrating into mainstream economic infrastructure. By establishing offices in high-profile buildings alongside legacy institutions, crypto firms like Coinbase reinforce their long-term viability and regulatory seriousness.
Moreover, such moves help attract institutional capital and talent who may still associate credibility with physical presence—even in an increasingly virtual world.
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Core Keywords Integration
Throughout this evolution, several core themes define Coinbase’s trajectory:
- Cryptocurrency exchange
- Bitcoin
- Remote-first company
- Office leasing
- Digital asset platform
- Fintech real estate
- Hybrid work model
- Crypto market trends
These keywords naturally reflect both the immediate news event and broader industry shifts, aligning with search intent around corporate strategy, workplace trends, and digital finance growth.
Frequently Asked Questions (FAQ)
Q: Why is Coinbase moving from Hudson Yards to One Madison?
A: While specific reasons haven’t been publicly detailed, the move likely reflects strategic considerations including better floor plans, proximity to partners and regulators, enhanced building amenities, and alignment with other financial tenants.
Q: Does Coinbase still follow a remote-first policy?
A: Yes. Despite opening offices in multiple cities, Coinbase maintains a remote-first culture. Physical locations are used primarily for team collaboration, recruitment, and client engagement rather than daily operations.
Q: What is the size of Coinbase’s new office?
A: The company leased 67,208 square feet across two floors at One Madison Avenue—a more than doubling of its previous NYC footprint.
Q: How does this lease impact New York’s office market?
A: It signals strong demand from high-growth fintech firms. Tenants like Coinbase help fill space left vacant during the pandemic and contribute to neighborhood revitalization.
Q: Is Coinbase expanding globally?
A: Yes. In addition to U.S.-based offices, Coinbase operates leased spaces in Europe and Asia to support international growth and regulatory compliance.
Q: What does SL Green’s redevelopment of One Madison include?
A: The overhaul included a full interior renovation and a 500,000-square-foot glass tower addition, modernizing the historic MetLife Tower into a state-of-the-art commercial hub.
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Final Thoughts
Coinbase’s new lease at One Madison Avenue is more than a real estate transaction—it's a statement of permanence in the financial world. At a time when crypto markets are maturing and regulatory scrutiny intensifying, establishing a foothold among traditional institutions strengthens trust and operational resilience.
As hybrid work models evolve and digital assets gain wider acceptance, expect more crypto-native companies to follow suit—balancing virtual agility with physical presence where it matters most.
With continued innovation and strategic positioning, Coinbase remains at the forefront of bridging decentralized technology with global finance.