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4 World Trade Ctr

Duolingo Subleases Space At Spotify's US Headquarters In Lower Manhattan
LEASEDOffice

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

Daniel Ek

Spotify

Landlord

2 deals

Landlord

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