Duolingo Subleases Space At Spotify's US Headquarters In Lower Manhattan
4 World Trade Ctr
Building Size
86,000 SF
Asset Type
Office
Closing
Dec 21, 2023
AI
Duolingo, the language learning app-maker, has sub-leased 86,000 square feet of space at Spotify's U.S. headquarters in 4 World Trade Center. The sublease involves the 26th and 27th floors of the building, which were previously occupied by the Port Authority of New York and New Jersey.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Sublease
- Address: 4 World Trade Center
- Market: Lower Manhattan
- Square footage: 86,000 SF
Duolingo's sublease allows the company to establish a presence in a prominent location, taking advantage of the office space previously occupied by the Port Authority. The transaction was facilitated by Daniel Ek, the landlord and CEO of Spotify, and Luis von Ahn, the tenant and co-founder of Duolingo.
Players
New York Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93