Coinbase, the prominent cryptocurrency exchange, is making a move in New York, opting to abandon its Hudson Yards workspace and relocate to a new office, according to a source familiar with the situation.

As reported by the Commercial Observer, Coinbase has signed an eleven-year lease for a spacious 67,208-square-foot area at One Madison in Manhattan's Flatiron District. This move marks a significant shift from its previous office at 55 Hudson Yards, which it had occupied since 2021.

While Coinbase has not publicly disclosed the reason behind the relocation, sources indicate that the new office space is approximately double the size of its previous location at Hudson Yards. Despite the expansion, there has been no indication of changes to Coinbase's remote-work policy or plans to increase its team size in New York.

Coinbase's headcount has reportedly remained relatively stable this year, with 3,416 employees as of the end of 2023, according to its annual financial report filed with the Securities and Exchange Commission.

It remains unclear whether Coinbase will terminate its existing lease at Hudson Yards or fulfill it until expiration. The company has yet to respond to inquiries regarding this matter.

Details about Coinbase's rental expenses at One Madison have not been disclosed. However, Commercial Observer reported that sports betting firm Flutter Entertainment recently signed a lease in the same building for $170 per square foot.

Comparatively, the average asking rents for Coinbase's previous office at Hudson Yards were just over $100 per square foot, according to Crain's New York.

Coinbase's decision to relocate coincides with a time when tenants are negotiating favorable lease terms in Manhattan, with property developers offering concessions to address high office vacancy rates in New York City.

The move also follows regulatory scrutiny faced by Coinbase last year, with the SEC charging the company for allegedly operating as an unregistered national securities exchange, broker, and clearing agency.

Despite regulatory challenges, Coinbase has shown financial improvement this year, reporting profits in the first quarter of 2024 amid a surge in cryptocurrency prices. Additionally, the company's stock has seen a notable increase, rising 68% over the past year to $225.06 per share.

This relocation is not the only recent rental agreement for Coinbase, as the company leased a 40,000-square-foot space in California's Bay Area last summer, as reported by SFGate.