News Summary
Chime, a San Francisco-based fintech company, has signed a lease for an 84,000-square-foot office at 122 Fifth Avenue in New York City. This relocation from its previous space at 101 Greenwich Street is part of Chime’s growth strategy in the competitive NYC real estate market. The building, which is over 90% leased and recently upgraded, reflects the ongoing demand for modern office spaces in financial hubs. Chime aims for an IPO in 2025, bolstered by its strong service offerings and substantial customer base.
New York – Chime, a San Francisco-based financial technology company, has secured an 84,000-square-foot lease at 122 Fifth Avenue in New York City, relocating its local offices from a smaller space at 101 Greenwich Street. This move is part of Chime’s expansion strategy as it continues to grow its footprint in one of the nation’s financial hubs.
The asking rent for the new office space was reported at $96 per square foot, according to Newmark, the landlord’s representative. Chime already occupies additional space in Midtown Manhattan, indicating a robust presence in the area.
122 Fifth Avenue, a modernized building in the Flatiron district, has seen substantial investment recently. It is currently over 90% leased, following a $100 million improvement and repositioning project. Microsoft stands as the largest tenant in the property, occupying 150,000 square feet for its “AdTech Hub.” Other notable tenants include the sustainable fashion brand Reformation. The space previously housed a Barnes & Noble store before its recent departure.
Bromley Companies, the landlord of the building, believes that tech companies like Chime are drawn to the updated offerings at 122 Fifth Avenue, which includes state-of-the-art office spaces and wellness amenities catering to modern work trends.
Cresa represented Chime in the leasing agreement, while Newmark took on the role of representing the landlord. Specific details regarding the lease terms have not been publicly disclosed.
In the broader context of New York City’s real estate market, the average asking rent for Midtown South was reported at $83.81 per square foot in the first quarter of 2025, according to JLL. This suggests that the rental landscape remains competitive as companies seek attractive office spaces in the city.
Chime has established itself as a significant player in the fintech space, providing digital-first mobile banking services to over 22 million users in the U.S. Its offerings include cashback rewards, checking and high-yield savings accounts, and earned wage access services. The company has reached a valuation of $25 billion after raising $750 million in a Series G funding round in 2021, bringing its total financing to $2.65 billion from various investors.
The firm aims for an initial public offering (IPO) potentially targeting 2025, marking a significant milestone in its corporate journey. In line with this goal, Chime recently acquired Salt Labs, a New York-based employee rewards startup, although the financial details of the acquisition remain undisclosed.
Chime’s competitive edge in the banking sector is notable, particularly as the national average savings account yield stands at only 0.61% APY, compared to Chime’s impressive offering of 3.75% APY for customers with direct deposit. This strategy aims to enhance customer loyalty and attract new users ahead of its anticipated IPO. Chime markets itself as a bank alternative for monthly consumers, highlighting its fee-free structure—no charges for overdrafts, maintenance, or low balances—which resonates strongly with its target demographic.
Chime’s customers predominantly consist of individuals in their 30s, with a slight skew toward female users. The company also provides a Credit Builder Visa credit card, which assists users in building their credit history. Additionally, it has rolled out several new features, including a redesigned app, user discounts, cashback offers, and instant loan options, further enhancing its value proposition in the increasingly competitive fintech landscape.
Deeper Dive: News & Info About This Topic
- New York Post: Chime Moving to Bigger Space
- Wikipedia: Chime (company)
- Commercial Observer: Chime Lease
- Google Search: Chime fintech
- Fintech Futures: Chime IPO Filing
- Google Scholar: Chime financial technology
- TechCrunch: Chime IPO Plans
- Encyclopedia Britannica: Fintech
- Fortune: Chime and Salt Labs
- Google News: Chime fintech news
