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

81 material agreements filed in the last 30 days. 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.