Spotify reportedly considering subleasing parts of its New York office. May not need all 14 floors anymore.

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Spotify reportedly considering subleasing parts of its New York office

World Trade Center 3 and 4

Foto: Ken Lund / flickr

Spotify reportedly considering subleasing parts of its New York office

May not need all 14 floors anymore

News agency Bloomberg has been in contact with sources who claim that Spotify wants to sublet some of the floors in its New York office.

In 2017, Spotify signed a contract to rent 14 floors totaling 52,400 square meters in World Trade Center 4. Rent is said to be $2.77 million per month, equivalent to almost SEK 29 million per month. According to Bloomberg's sources, Spotify wants to rent out five of the 14 floors it currently rents as they will soon be empty, something that is explained by the fact that many of Spotify's employees now work partially from home. It's also not entirely impossible that some have been laid off after Spotify's cost-cutting measures.

Neither Spotify nor landlord Silverstein Properties have wanted to comment on Bloomberg's information that Spotify wants to sublet part of its New York office. The lease that Spotify signed with Silverstein Properties in 2017 runs for 17 years, according to Digital Music News.

bloomberg.com

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Spotify, Bloomberg, New York, office space, subletting

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