Cryptocurrency company Ripple signs for Chelsea office
San Francisco-based firm inks 7K sf lease at 155 West 23rd Street
Blockchain technology company Ripple, which created the cryptocurrency XRP, is opening an office in Chelsea, the firm said.
The San Francisco-based company signed a 6,933-square-foot lease at the Kaufman Organization and Goldman Sachs Asset Management’s 155 West 23rd Street.
At its peak in early January, All XRP coins in circulation were worth almost $300 billion. The price crashed in recent weeks, reportedly costing co-founder Chris Larsen $44 billion on paper by Wednesday. Over the past two days the currency rallied by around 50 percent, to $1.547 as of Friday afternoon. The firm’s investors include Google Ventures, Seagate, Standard Chartered, CME Ventures, Accenture and Andreessen Horowitz.
Cushman & Wakefield’s Sebastian Infante brokered the lease. Asking rents were in the $60s per square foot and Ripple is expected to move in this quarter.
Kaufman bought the leasehold on the 12-story, 71,000-square-foot building, which is part of the former Ring portfolio, from Extell Development in 2015. The new owners spent $10 million on a gut renovation.