Polymarket Expands SoHo Footprint to 12,700 Square Feet
Polymarket Expands SoHo Footprint to 12,700 Square Feet
JLL has facilitated a significant lease expansion for prediction marketplace Polymarket at 78 Crosby Street in Manhattan. The tenant has agreed to take the entire fifth floor of the Lower Manhattan building, adding 6,350 square feet to its existing operations. This move doubles the company’s total footprint in the property to 12,700 square feet.
Polymarket initially established its headquarters at the SoHo location in 2023. As part of the recent transaction, the lease for the original fourth-floor space has been extended. While the specific termination date for both leases remains confidential, the expansion signals a long-term commitment to the neighborhood. The landlord, Milkystar, was represented in the deal by Nicholas Judson, Wendy McDonald, and Crosby Matthews of Judson CRE.
The real estate transaction comes as demand for office space in the SoHo market continues to show resilience. The asking rent for the expanded space was listed at $85 per square foot. The fourth floor’s history includes a brief period in 2025 when it was utilized by a satiric version of Enron for a fictitious product launch.
Founded in 2020, Polymarket operates a crypto-based exchange allowing users to trade on outcomes related to politics, sports, and global events. The company reported substantial trading volume in June, processing $10.7 billion on its international exchange and $3.3 billion on its regulated U.S. exchange. The platform operates under its parent entity, Blockratize.
Jones Lang LaSalle Incorporated (JLL), which represented the tenant in this deal, currently trades with a market capitalization of approximately $16.6 billion. Shares of the real estate services firm were up 0.73% today, settling at $366.36 following a previous close of $363.69.
What to watch
- Future lease pricing trends in the SoHo submarket compared to the $85 per square foot asking rate.
- JLL’s upcoming quarterly earnings for insight into broader commercial real estate brokerage activity.
- Polymarket’s reported valuation targets as the parent company, Blockratize, pursues new funding.
Source: original release