StubHub is exiting Midtown and opening a much larger headquarters at Silverstein Properties’ World Trade Center 3 — a rare positive sign for Manhattan’s office market.
The ticket marketplace signed a 44,000-square-foot lease on the 59th floor of the 80-story office tower, Silverstein said. StubHub is relocating from several Midtown locations, including Isaac Chetrit’s 24-story office building at 1412 Broadway in the Garment District, where it signed a long-term lease in 2016.
Completed in 2018, 3 World Trade Center is now nearly 90 percent occupied, with asking rents averaging $125 per square foot, according to a Silverstein spokesman.
StubHub’s lease is the third major deal for the tower since last summer. In August, law firm Freshfields Bruckhaus Deringer signed a 15-year deal for 180,000 square meters. In September, software company Asana more than doubled its space, occupying an additional 44,000 square feet.
A photo illustration by Eric Baker of StubHub and 3 World Trade Center (StubHub, Rogers Stirk Harbor & Partners)
Other tenants in the tower are the media agency WPP, Hudson River Trading, Uber, the alcohol group Diageo, the mattress retailer Casper and the IEX stock exchange.
Office landlords are still struggling to bring workers back. Occupancy in the 10 largest U.S. cities is around 50 percent, the highest since the pandemic began, according to Kastle Systems, and occupancy in New York City has generally lagged behind the national average.
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But despite broader struggles in the city’s office sector, new top-of-the-line towers like One Vanderbilt and Silverstein’s World Trade Center building have outperformed the market. Last year, three tenants moved into 73,000 square feet at the 104-story One World Trade. According to Silverstein’s Jeffrey Moss, the completed portion of the World Trade Center complex is now 95 percent leased.
Moss represented the landlord in the StubHub deal, while CBRE’s Sacha Zarba and Brendan Herlihy represented StubHub.
