NEW YORK CITY—Columbia Property Trust, Inc. has signed a 34,000 square-foot lease with Gemini Trust Company, the digital asset exchange and custodian, founded by twins Cameron and Tyler Winklevoss in 2014. An industry source tells GlobeSt.com that the lease is in the low-90s per square foot.
Gemini is a New York-based company, regulated by the New York State Department of Financial Services, that allows businesses and investors to buy, sell and store digital assets such as bitcoin and ether.
Citing the website Coinmarketcap, on Wednesday, Reuters reported that the aggregate value of cryptocurrencies reached a record high of $184 billion, making their reported market value equivalent to Goldman Sachs and Morgan Stanley combined. Bitcoin hit a record high of $6,500. Reuters calculated its market cap, the number of coins released in circulation multiplied by the coin’s value, to be $110 billion.
Reuters credited the latest spike in bitcoin’s value to Tuesday’s announcement that the CME Group, the world’s largest derivative exchange operator, would launch bitcoin futures in the fourth quarter of 2017. Ether, the second most valuable cryptocurrency, was trading at $302 per coin.
In the spring of 2018, Gemini will move from its current location at 600 Third Avenue, to two floors in the 20-story, 331,000 square-foot office building, located at 315 Park Avenue South on the corner at 24th Street.
“When we acquired 315 Park Avenue South in 2015, we recognized its potential to attract the city’s top creative, media and technology companies,” says Nelson Mills, Columbia’s president and CEO. Built in 1910, the building is currently 73% leased. This includes the tenancy of BDG Media, the parent company of online publications, Bustle, Romper and Elite Daily. In September, BDG expanded its lease to three entire floors and 51,000 square feet.
David Berkey and Andrew Wiener of L&L Holding Company, LLC have been hired by Columbia to lease the property.