PayPal is under contract to lease 261,000 square feet in the Hudson Square neighborhood of Manhattan.
The deal spans across the 345 Hudson Street and 555 Greenwich, an office complex that's owned by a joint venture between Hines, Trinity Church NYC and Norges Bank Investment Management. In total, PayPal will operate three floors over the interconnected buildings.
The lease, which will run for 10 years, was struck in 2025, according to a press release by Hines.
The 345 Hudson completed renovation last year, now featuring larger floor plates and space that's now designed for modern media and tech firms. Previously, it was built for large printing presses in the early 1900s. The 17-story building now spans 860,000 square feet.
Sister building 555 Greenwich totals 270,000 square feet across 16 stories and includes ground-floor retail.
For Manhattan as a whole, 2025 was quite the year. Leasing activity hit 42.9 million square feet, which was the highest annual number since 2014 and up 20.1 percent year-over-year, a recent market report from Savills found. Also, sublease availability fell to its lowest level since the third quarter of 2019. Savills predicts that Downtown is set for accelerated activity, as availability for premium space becomes more limited.
Hines in 2025 secured at least another major lease in its Manhattan office footprint, with Salesforce signing for 15 years and 350,000 square feet at 3 Bryant Park in Midtown.
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