Big Block Sublease to Come Online at 4 WTC

Technology companies downsizing their office footprints will be adding Spotify to the list of names. Spotify is “seeking to sublease five floors” at 4 World Trade Center. Currently occupying approximately 564,000 square feet spread across 16 floors within the tower, the streaming service initially joined the building’s tenant roster in 2017 upon signing an initial lease for roughly 378,000 square feet, followed by an approximately 100,000-square-foot expansion a few months later. In 2018, Spotify added another 86,000 square feet upon signing a sublease for two floors from the Port Authority of New York and New Jersey (PANYNJ). The PANYNJ was expected to net about $81 million over the course of the just over 15-year deal after deducting build-out expense and $3.3 million commission to Spotify’s broker.