News Summary
Coinbase has signed a lease for 58,600 square feet at the 110 East office tower in Charlotte, marking a significant expansion. The move focuses on compliance and customer support roles, creating over 130 new jobs in the area. This shift contributes to a positive trend in the local office market, as the 110 East building continues to attract tenants amid a rising office vacancy rate.
Charlotte, North Carolina – Coinbase, a leading digital currency exchange platform, has signed a lease for 58,600 square feet of office space at the newly constructed 110 East office tower. This deal marks a strategic move for the company as it aims to enhance its operations in Charlotte.
Located in the heart of Charlotte, the 110 East building encompasses the 18th and 19th floors of the 23-story Class A+ structure. The property was completed in 2024 and features nearly 352,000 square feet of LEED Gold-certified office space, emphasizing sustainability and modern amenities. The lease with Coinbase is part of a broader trend, as it is one of three recently signed leases at 110 East, contributing to a total of 115,000 square feet leased within the building.
Other tenants at the property include SouthState Bank, which occupies over 40,000 square feet, as well as health care administration company Humana, storage solutions company Patterson Pope, and the Spanish tapas restaurant The Iberian Pig.
Coinbase’s new office space in Charlotte will act as a “Center of Excellence” within the company, focusing on compliance and customer support roles. The firm plans to hire more than 130 employees in these areas, contributing positively to the local job market. This aligns with Coinbase’s nationwide plan to hire approximately 1,000 employees in 2024, with a total workforce of around 4,000 employees globally, primarily working remotely.
Features of 110 East
The 110 East building is strategically located with convenient access to the LYNX Blue Line Light Rail, making it an attractive destination for tenants. The area is characterized by its walkable and bikeable infrastructure, complete with vibrant eateries, breweries, and art galleries, enhancing the overall appeal for employees and visitors alike.
As of now, 110 East is 37% leased, reflecting a notable increase in occupancy since its completion. When the building first opened, it was largely unoccupied, demonstrating significant interest in the property. The building’s top five floors remain available for potential tenants, offering branding and signage rights.
Impacts on the Charlotte Market
Coinbase’s entry into Charlotte is expected to assist in stabilizing the city’s office vacancy rate, which currently stands at 22.4%. The growing momentum around the 110 East property is bolstered by its prime location and plans for upcoming redevelopment and retail spaces. The continued leasing activity is a positive sign for the city’s commercial real estate market.
In summary, Coinbase’s lease at 110 East not only marks a significant expansion for the company in the Charlotte area but also highlights a positive trend in the local office market as companies seek to establish a physical presence. The continued success of 110 East may pave the way for further growth within the city’s real estate sector.
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Additional Resources
- Axios: Coinbase Expands in Charlotte
- Wikipedia: Coinbase
- Charlotte Observer: Coinbase Lease Announcement
- Google Search: Charlotte office market
- ReBusiness Online: Coinbase Office Lease
- Encyclopedia Britannica: Cryptocurrency
- CoStar: Coinbase’s Leasing Streak
- Google Search: Coinbase Charlotte
