{"id":1004119391,"date":"2015-05-14T06:18:05","date_gmt":"2015-05-14T14:18:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004119391"},"modified":"2022-12-08T20:22:04","modified_gmt":"2022-12-09T04:22:04","slug":"paypal-expands-in-west-village-manhattan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/paypal-expands-in-west-village-manhattan\/","title":{"rendered":"PayPal Expands in West Village, Manhattan"},"content":{"rendered":"<p><em>By Keith Loria, Contributing Editor\u00a0<\/em><\/p>\n<div id=\"attachment_1004119409\" style=\"width: 216px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/PayPal.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004119409\" data-attachment-id=\"1004119409\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/paypal-expands-in-west-village-manhattan\/paypal\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/PayPal.jpg\" data-orig-size=\"581,843\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"PayPal\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;95 Morton St., Manhattan&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/PayPal.jpg?w=581\" class=\"size-medium wp-image-1004119409\" alt=\"95 Morton St., Manhattan\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/PayPal.jpg\" width=\"206\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/PayPal.jpg 581w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/PayPal.jpg?resize=207,300 207w\" sizes=\"auto, (max-width: 206px) 100vw, 206px\" \/><\/a><p id=\"caption-attachment-1004119409\" class=\"wp-caption-text\">95 Morton St., Manhattan<\/p><\/div>\n<p>PayPal has signed a lease for a 95,000-square-foot office property at 95 Morton St. in Manhattan\u2019s West Village with Brickman and will relocate its New York headquarters there this summer.<\/p>\n<p>CBRE\u2019s Frederick Fackelmayer, Sacha Zarba, Jeff Black, Ben Friedland and Michael Hirsch represented the digital payments company in the 12-year lease.<\/p>\n<p>\u201cThe opportunity to bring a great tenant like PayPal to the building was exactly what we had envisioned when we elected to create a unique large block of space,\u201d Paul Kotcher, Brickman\u2019s director of leasing, said in a company release. \u201cEssentially we were able to offer PayPal a building within a building.\u201d<\/p>\n<p>The eight-story building was originally built in 1911 and converted from a traditional manufacturing building. It currently consists of 200,000 square feet but will be undergoing a building-wide capital improvement program that will include new passenger elevators and a private lobby for PayPal, complete with private elevators opening directly onto PayPal\u2019s floors. Additionally, PayPal will have its own private entrance with dedicated signage.<\/p>\n<p>The new space is more than double what PayPal currently occupies at 625 Avenue of the Americas in Chelsea, a property that CBRE also helped eBay\/PayPal secure. The two companies separated into independent publicly traded companies last year.<\/p>\n<p>According to Colliers\u2019 2015 1Q Manhattan Office Report, higher average asking rents occurred citywide, with the availability rate coming in at 10.7 percent, up from 10 percent in the previous quarter. This was the highest quarterly jump in availability since 1Q 2009.<\/p>\n<p>Additionally, downtown office space registered an all-time high average asking rent, ending the quarter at $55 per square foot.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PayPal&#8217;s new office lease in Manhattan&#8217;s West Village will be more than double what the tech company occupies now.<\/p>\n","protected":false},"author":451,"featured_media":1004119409,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21808,11,21742,10,21747],"tags":[],"class_list":["post-1004119391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-featured","category-midatlantic","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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