Duolingo sub-subleases 85,666 sq ft NYC office from Spotify; term through 2034

Duolingo, Inc.

Sub-sublease from Spotify USA Inc. for 85,666 sq ft at 4 World Trade Center; term until April 2034 (~10 years).
Initial base rent $62/sq ft/yr ($442,608/month) triple net; increasing to $67/sq ft/yr in year 6.
Rent payments begin 20 months after commencement; security deposit replaced by $2.66M letter of credit.
Sub-lease effective Jan 1, 2024, subject to landlord consent; CFO Matthew Skaruppa signed for Duolingo.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Duolingo, Inc. entered into Agreement of Sub-Sublease with Spotify USA Inc. valued at initial base rent is $62 per rentable square foot per annum (i.e., $442,608 per month) (effective 2023-12-18).

Action: entry
Agreement: lease
Counterparty: Spotify USA Inc.
Value: initial base rent is $62 per rentable square foot per annum (i.e., $442,608 per month)
Effective: 2023-12-18

Exact text from the filing

On December 18, 2023, Duolingo, Inc. (the “Company”), as sub-subtenant, entered into an Agreement of Sub-Sublease, dated December 18, 2023 (the “Sub-Sublease”), with Spotify USA Inc., as Sub-Sublandlord (the “Sub-Sublandlord”) for 85,666 square feet of office space in the building located at 4 World Trade Center, 150 Greenwich Street, New York, New York 10007 for use as additional office space.

View on SEC.gov

Browse all material agreements →

Duolingo, Inc. filing history →

Source: SEC EDGAR

accession 0001562088-23-000254

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.