Not disappearing: Snapchat expands office in old NYT building

Snap Inc. now has 121K sf at 229 W. 43rd

New York /
Apr.April 28, 2017 09:45 AM

Fresh off its $3.4 billion IPO, Snap Inc. — parent company of Snapchat — is expanding its footprint at the old New York Times building.

The company inked a deal to lease 26,000 square feet at 229 West 43rd Street, where it will now occupy 121,000 square feet, the Commercial Observer reported. The lease, which expires in June 2027, was signed in February and disclosed ahead of landlord Columbia Property Trust’s earnings report Thursday.

“They came to us and wanted some additional space and said they would make a really long-term commitment and make this their home if we could provide it,” said James Fleming, the REIT’s CFO, speaking during an earnings call. “We were able to move out a couple of smaller tenants to make room for [Snap] and that really enabled them to make this commitment to the building.”

Snap leased the 15th and 16th floors in 2014 and last year added 33,360 square feet on the fourth and seventh floors, which had an asking rent of $70 per square foot, according to data from CoStar.

Columbia Property Trust TRData LogoTINY bought the 12-story, 481,000-square-foot office condo at the top of the building from Blackstone Group for $516 million in 2015. Kushner Companies owns the four-floor retail portion — or 250,000 square feet — which it bought for $296 million in 2015.

Snap also has a 5,000-square-foot pop-up space at 5 East 59th Street[CO]E.B. Solomont

(To view our office leasing Deal Sheet, click here)


Related Articles

arrow_forward_ios
Burberry's Jonathan Akeroyd with 11 West 42nd Street (Getty, Google Maps, iStock)
Burberry sews up deal at Tishman Speyer building
Burberry sews up deal at Tishman Speyer building
Adam Leitman Bailey, Y. David Scharf, and Miki Naftali with 215 West 84th Street (Adam Leitman Bailey, Morrison Cohen, Getty)
Naftali lays out project as holdout tenant plays new card
Naftali lays out project as holdout tenant plays new card
Taconic Partners' Matthew Weir and Hudson Research Center 61 at 9 West 54th Street (iStock, Taconic Partners, Hudson Research Center)
RPI signs at Taconic and Silverstein’s life sciences hub
RPI signs at Taconic and Silverstein’s life sciences hub
Harry and Linda Macklowe (Getty Images, Andy Warhol Foundation for the Visual Arts, Inc./Artists Rights Society (ARS), NY, Sotheby's, iStock)
Macklowe art collection fetches nearly $1B at auction
Macklowe art collection fetches nearly $1B at auction
Buildots' Aviv Leibovici, Roy Danon and Yakir Sudry (Buildots)
Construction-tech firm Buildots raises $60M in Series C round
Construction-tech firm Buildots raises $60M in Series C round
660 Fifth Avenue in Manhattan and Macquarie Group's Shemara Wikramanayake (Brookfield Properties, iStock, Macquarie Group, Illustration by Kevin Cifuentes for The Real Deal)
Brookfield signs first tenant at 660 Fifth Avenue
Brookfield signs first tenant at 660 Fifth Avenue
Major Food Group managing partner Jeff Zalaznick in front of 37 Hudson Yards (Major Food Group, Google Maps)
Major Food Group bringing members club to Hudson Yards
Major Food Group bringing members club to Hudson Yards
A photo illustration of self-storage units (iStock)
Self storage still rising after pandemic surge
Self storage still rising after pandemic surge
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...