Not disappearing: Snapchat expands office in old NYT building

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

TRD NEW YORK /
Apr.April 28, 2017 09:45 AM

229 West 43rd Street and Evan Spiegel (Credit: Getty Images)

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
Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Brookfield's Ric Clark and Two Hanson Place in Brooklyn (Credit: Google Maps, iStock)

Brookfield signs energy company to big lease in DoBro

From left: 110 East 59th Street, The Spiral at 66 Hudson Blvd East and 55 Water Street (Credit: Tishman Speyer, Jack Resnick & Sons)

Office leasing picks up in Midtown but slows elsewhere

From left: 330 Madison Avenue, 66 Hudson Boulevard and 599 Lexington Avenue (Credit: Google Maps)

Law firms topped the list of January’s biggest office leases in NYC

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

arrow_forward_ios
Loading...