PayPal has pulled off one of Manhattan’s quietest yet boldest commercial real estate plays by secretly locking in a massive 10-year lease in the heart of Hudson Square, signalling that the fintech titan is doubling down on New York even as large parts of the city’s office market collapse into residential conversions.
According to an exclusive New York Post report, PayPal has signed the massive lease. Sources say the payments giant will move into three floors of the sprawling Hudson and Greenwich Street complex in 2027, turning it into a flagship workplace designed to lure top tech talent back into the office and anchor its East Coast operations.
Why PayPal Picked Hudson Square For Its New Base
The interconnected Hudson and Greenwich Street buildings stretch across an estimated 1.2 million square feet, making them one of the largest and most ambitious office developments in lower Manhattan. PayPal’s decision to plant its flag there is not just about space, but about image and influence.
The complex is owned by Hudson Square Properties, a joint venture between Trinity Church, Norges Bank and property giant Hines. Jason Alderman, a senior managing director at Hines, said the area continues to attract firms that want more than just desks and meeting rooms. He said Hudson Square is now a centre of innovation and growth in New York City.
Alderman added that PayPal’s arrival reflects a wider shift in Manhattan where companies are hunting for top tier workplaces that offer a unique experience for employees. He said the Hudson Square campus combines historic buildings with brand new construction and sits within a broader network of amenities that makes it attractive to modern businesses.
What This Means for Manhattan’s Fragile Office Market
PayPal’s move lands at a time when large parts of New York’s financial district are being hollowed out. Just blocks away, the office tower at 40 Fulton Street is being sold for residential conversion, sparking fresh questions about which outdated buildings will be next.
Recent years have already seen major office blocks transformed into homes, including the huge conversion at 25 Water Street and another now under way at 222 Broadway. Developers are also pushing ahead with new residential towers on empty plots such as 75 to 83 Nassau Street, which has been vacant for years and was recently sold to a joint venture planning a mostly apartment focused high rise.
Against that backdrop, PayPal choosing to sign a long term lease in Hudson Square is being seen by brokers as a rare vote of confidence in the future of premium office space. Rather than shrinking its footprint or going fully remote, the fintech firm appears to be betting that well designed offices in the right neighbourhoods still matter.
Who PayPal Will Be Sharing The Building with
When PayPal moves in, it will join a growing list of high profile tenants in the Hudson Square complex. Media group Audacy is already based there, along with venture capital firm Lerer Hippeau Ventures and Hines itself.
The wider Hudson Square portfolio has also seen a wave of big leasing activity. In 2025, Horizon Media extended its lease for 360,000 square feet at 75 Varick Street, a deal that also brought Equinox into the building as a retail.