Cryptocurrency firms are filling office space in New York City as they look to file a long-term lawsuit against Big Apple, competing with Wall Street for the next financial base.
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Andreeson Horowitz, one of the world's largest business companies, signed a long-term lease agreement on December 33,560 square feet at 200 Lafayette Street in NYC for its $ 3.1 billion crypto fund.
Other crypto firms set up the store, too: Chainalysis leased more than 77,000 square feet on 114 Fifth Avenue; Blocktech rented space at 55 Wall Street; Cipher Mining is employed at One Vanderbilt; and Coinbase opened its first NYC office 30,000 square feet at 55 Hudson Yards shortly after it went public last April.
"We have a lot of demand," Brandon Charnas, founder of Current Real Estate Advisors, who established an agreement with Andreeson and other crypto companies in NYC, told. "We get a lot of phone calls from NFT-based, Web3-based and blockchain-based portfolio companies where a ton of those companies are opening up space in New York."
One of the biggest forces driving crypto firms to establish a store in NYC: attracting top employees. Charnas said companies are looking for office space to accommodate top-level engineers and event venues.
“What better way to compete with those engineers than to have the amazing space they can go to represent a company, which means more than just a workplace, a company that reflects the company's values. brand, ”he said.
Office space is becoming increasingly important to attract investors to invest more in new crypto companies and ink deals themselves, he added.
"Let's not just have an office space," he said. “Let's have an office that also has an event venue, a venue for the founders, and an incubator for the founders. That way we can win the best deals. ”
Chainalysis is the only crypto firm that founded the store in New York, looking to make money with an eye-catcher looking at the city as the new crypto capital.
"As the world's financial capital and emerging technology center, New York is a sensible home for cryptocurrency businesses and other organizations investing in web3 and financial futures," said Michael Gronager, founder and CEO of Chainalysis, in an email to Grizler. "As Chainalysis continues to grow, we plan to enter the city's deepest talent pool."
As New York competes with Miami to attract start-ups, business firms, and crypto trading, NYC Mayor Eric Adams - a crypto enthusiast who receives his first three crypto currency earnings - has promised to make New York a crypto platform for attract talent, create jobs, and boost the local economy. Adams' positive comments on crypto and similar comments from other local politicians create confidence in the business community and attract crypto firms, Charnas said.
"As a U.S. historical history center, NYC is home to many talented and invested people from the financial and technology industries who have converted to crypto, so it became clear that investing in our office space here will be long-term. Benefits as we grow," he said. Hisham Elhaddad, managing partner of HOF Capital, a business fund invested in blockchain technology companies, in a statement.
Last year, NYC attracted $ 6.5 billion in total crypto companies, placing it first among all U.S. cities. about half the world's total amount of crypto companies, according to data provider CB Insights.
And Charnas said crypto companies are not only testing water, they are looking to create a long-term footprint.
"Let's not just sign a temporary lease agreement, let's sign a ten-year lease agreement in New York City," Charnas said of the companies he works with. "That, combined with local government statements, shows that New York City is big and we are putting our flag down in New York City because it will be the center of these kinds of businesses."
And it is a bright spot for the New York office market, struggling to recover from the epidemic. Total market capitalization reached 18.5% in the first quarter, up from 18.1% in the fourth quarter and a new high after 2005, according to global trading company Avison Young.
"It's not just that long-term investment firms in the office space, new industries and emerging companies working for crypto - like the media and banks - are creating a new demand for office space," Charnas said.
Companies are also discussing how to pay for portions of their office agreement with crypto and give homeowners novels to participate in what they see as prices rise. Charnas said homeowners promised to take one Bitcoin per month to rent to tenants. He also said that high-profile homeowners are talking to crypto firms and crypto investors to get a balanced education and economy for potential potential employers.
