Spotify is moving its U.S. headquarters to 4 World Trade Center in Manhattan, and adding more than 1,000 new jobs in New York, Governor Andrew Cuomo announced in a press release Wednesday.
The privately held music streaming service is headquartered in Stockholm, Sweden. It currently has offices in Midtown Manhattan and will move into the new 378,000 sq. ft. office space in early 2018. Spotify's relocation will make 4 World Trade Center the first office tower to be fully leased on the historic 16-acre World Trade Center site, Cuomo said.
To incentivize Spotify's growth even further, Empire State Development, or ESD, will provide the company up to $11 million in "World Trade Center Rent Reduction Program rent credits," which will be available for 15 years of Spotify's lease, Cuomo added.
ESD has also offered similar credits to other tech companies, including Snapchat and Etsy, to retain talent and expand across New York. In the past few years ESD tax incentives have aided in creating 1,824 jobs and retaining 1,513 jobs in New York State, the Governor Cuomo's release said.
Spotify was named a CNBC Disruptor in 2016. Further, recent rounds of funding suggest an IPO could be in the stars. In June, Spotify went so far as to hire a head of investor relations.
