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New York

Snapchat setting up NYC office at 229 West 43rd

Photo app startup taking top two floors across 27K square feet

From left: Snapchat's Evan Spiegel and 229 West 43rd Street (credit: Neoscape) (Inset: Snapchat logo)
From left: Snapchat's Evan Spiegel and 229 West 43rd Street (credit: Neoscape) (Inset: Snapchat logo)

Snapchat pictures might self destruct after 10 seconds, but the company is here to stay. The startup, which was recently valued at approximately $10 billion, is now taking a shot at New York City.

The photo messaging app startup plans to occupy 27,000 square feet across the top two floors of the former New York Times building owned by the Blackstone Group.

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The Venice, Calif-based firm would take up the entire 15th and 16th floors of the 16-story, 750,000-square-foot property at 229 West 43rd Street near Times Square. Asking rents there are roughly $85 per square foot, Crain’s reported.

A Newmark Grubb Knight Frank team led by Brian Waterman and Brent Ozarowski handled leasing for the landlord.

The building’s tenants are largely in the tech and media industries. Online advertising network Collective signed for the entire eighth floor – nearly 58,000 square feet — earlier this year, as The Real Deal reported. [Crain’s] — Mark Maurer

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