- Coinbase will invest $30M to expand its New York office at One Madison.
- The NY office is set to add 630 in-office staff, focusing on tech and security.
- Empire State Development supports the expansion with a $5M tax credit.
- Coinbase’s New York office will become a key research and development hub.
Major Commitment from Coinbase
According to Bisnow, Coinbase is expanding its New York presence with a $30M office buildout at SL Green’s One Madison. The company aims to turn the space into a major cryptocurrency and fintech research hub.
The expansion will add 630 in-office roles and increase Coinbase’s New York workforce to more than 1,000 employees. The company will focus hiring on security engineering, product development, and IT.
Support from SL Green and New York State
The New York office expansion is being bolstered by a performance-based $5M Excelsior Tax Credit from Empire State Development. Coinbase signed an 11-year lease for more than 67KSF at the 1.4MSF One Madison tower, taking an additional floor as part of the expansion, and expects the investment to be phased in over several years.
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Why It Matters
The move strengthens New York’s position as a leading hub for fintech and digital finance companies. Other major tenants at One Madison include IBM, Flutter Entertainment, and Sigma Computing. The expansion also comes as office foot traffic in New York recently reached record levels, signaling stronger daily demand for workspace across the city. Despite Coinbase’s remote-first policy, the company’s commitment to a growing physical office underscores the strategic role of New York in its global operations.
What’s Next
Coinbase plans further growth of its New York footprint in the coming years, continuing to build out its research and development capabilities within the city’s competitive tech ecosystem. The expansion is expected to support Coinbase’s aim to accelerate crypto innovation and reinforce New York’s growing digital finance sector.
