One of the largest office deals in 2025 sneaked in under the holiday-season radar – and the unreported lease was meaningful enough to catch the attention of the state’s top economic development official.
Digital commerce giant PayPal, the owner of mobile payment platform Venmo, signed a 10-year lease for 261,000 square feet at 345 Hudson/555 Greenwich St. in Hudson Square. PayPal currently has under 100,000 square feet at 95 Morton St.
Empire State Development president and CEO Hope Knight said, “PayPal choosing New York for its latest expansion is a powerful endorsement of the talent, energy, and innovation that define our tech ecosystem. This investment is projected to create high-quality jobs and strengthen New York’s position at the forefront of global fintech.”
Sources said PayPal will occupy three floors for a “flagship” workplace when it moves in 2027. The interconnected Hudson and Greenwich Street buildings comprise an estimated 1.2 million square feet.
Hudson Square Properties is a joint venture of landowner Trinity Church, Norges Bank and Hines, the managing partner. Hines senior managing director Jason Alderman commented, “Hudson Square continues to solidify its position as a hub for innovation and growth in New York City.”
He said PayPal’s move “reflects the larger trend shaping Manhattan’s office market of companies seeking best-in-class workplaces that offer a differentiated experience for employees. This complex offers a unique blend of historic character and brand-new construction as well as access to our broader amenity network.”
PayPal will join other tenants at its new address, including Audacy, Lerer Hippeau Ventures and Hines itself. Hudson Square Properties saw several other major office leases in 2025 including Horizon Media’s extension for 360,000 square feet at 75 Varick St., which also snared Equinox as a retail tenant.
The JV has 6 million square feet of offices in 13 buildings in the area north of Canal Street that was the early 20th century home to the city’s printing industry.
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