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
No Joke: Pete Davidson (left) and Colin Jost just purchased a Staten Island Ferry boat. (Getty)
Floating real estate: Colin Jost, Pete Davidson buy Staten Island Ferry boat
Floating real estate: Colin Jost, Pete Davidson buy Staten Island Ferry boat
Vicky Ward (CNN)
Vicky Ward breaks down New York State’s Trump investigation
Vicky Ward breaks down New York State’s Trump investigation
Lloyd's of London headquarters at Lime Street (Lloyd's of London/CC BY 2.5 - via Wikimedia Commons, iStock)
Lloyd’s of London may exit “Inside Out” home after three decades
Lloyd’s of London may exit “Inside Out” home after three decades
(iStock/Illustration by Kevin Rebong for The Real Deal)
NYC investment sales hit multi-year peak to end 2021
NYC investment sales hit multi-year peak to end 2021
Tax assessments rise 9%, signaling higher bills for landlords
Tax assessments rise 9%, signaling higher bills for landlords
Tax assessments rise 9%, signaling higher bills for landlords
From left: Ryan Johnson and Jeff Berens, co-founders of Culdesac, in front of a rendering of Culdesac Tempe (Culdesac, iStock)
Startup that wants to build car-free cities raises $30M Series A
Startup that wants to build car-free cities raises $30M Series A
From left: Stephen Schwarzman, chairman, Blackstone; Barry Sternlicht, chief executive officer, Starwood Capital Group (Getty Images, Brookfield Asset Management/Illustration by Steven Dilakian for The Real Deal)
Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
Keith Powers, Democratic District 4 representative on the New York City Council, in front of 45 East 45th Street (Getty Images, The Roosevelt Hotel, iStock/Illustration by Steven Dilakian for The Real Deal)
Local lawmakers aim to landmark shuttered Roosevelt Hotel
Local lawmakers aim to landmark shuttered Roosevelt Hotel
arrow_forward_ios

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

Loading...