Netflix original: Streaming giant subleases in Chelsea from Twitter

Streaming giant to occupy 10th floor for five years

New York /
Aug.August 16, 2017 12:20 PM

Netflix is coming to Chelsea this fall, after signing a lease for its first office in New York City.

The Silicon Valley-based streaming giant inked a deal to sublease 11,592 square feet from Twitter at 245 West 17th Street, according to CBRE, which represented Netflix.

Last year, Twitter offered 24,000 square feet on the second and third floors of its Chelsea headquarters for short-term lease. The asking rent was in the mid-to-high $60s per square foot, sources said.

Twitter also subleased the eighth and ninth floors of the building to Major League Baseball’s digital operations.

CBRE’s Timothy Hay, Robert Hill, Jared Isaacson and Sacha Zarba represented Netflix in the deal. Twitter was represented by Cresa Partners’ Barry Spagna and Eric Thomas.

The Jack Dorsey-led firm moved to its Chelsea digs in 2014, when it inked a deal for 140,000 square feet at 245 and 249 West 17th, two adjacent buildings between Seventh and Eighth avenues.

The property, owned by New York REIT, is currently on the market as part of the package that the real estate investment trust is looking to sell as part of its $2.8 billion liquidation. The REIT picked up 245-249 West 17th Street for $335 million in 2014, two years after seller Savanna paid $76 million for the property. Cushman & Wakefield’s Adam Spies and Doug Harmon are marketing the REIT’s assets.


Related Articles

arrow_forward_ios
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
Charter school takes 85K sf in Queens condo building
Charter school takes 85K sf in Queens condo building
(IStock illustration by Kevin Rebong)
Smaller cities look to cash in on shift to remote work
Smaller cities look to cash in on shift to remote work
421-427 East 14th Street (Google Maps, iStock)
Stuy Town to get new 17K sf grocery store
Stuy Town to get new 17K sf grocery store
Photo illustration of Mayor Bill de Blasio as Uncle Sam (iStock, Getty/Illustration by Kevin Rebong)
NYC has $1.3B in unpaid property taxes
NYC has $1.3B in unpaid property taxes
arrow_forward_ios

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

Loading...