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New York

New York REIT to acquire Twitter HQ building in Manhattan

Fri, 01/08/2014 - 06:09

New York REIT, a publicly traded real estate investment trust, is to acquire Twitter's headquarters in Manhattan located at 245-249 West 17th Street in the Chelsea neighbourhood.

The property, which includes a 12-story office tower combined with an adjacent six-storey mixed use building, contains approximately 282,000 rentable square feet.
In addition to Twitter, Room & Board occupies the retail portion of the building. Flywheel Sports is also a tenant.
"We are thrilled to have reached agreement to acquire the headquarters of Twitter. This flagship property located in one of Manhattan's most desirable sub-markets, has been fully renovated and is distinguished by two new lobbies, brand new state-of-the-art building systems, windows, elevators and a stunning rooftop terrace that overlooks the Hudson River," says Michael A Happel, president of NYRT.
"In addition, the fact that Twitter, one of the world's most prestigious technology firms, chose this property as its New York headquarters demonstrates the importance of this location and further testifies to the institutional quality of the property itself. We are confident that these buildings, located in New York City's epicenter of creativity, technology and style, will add significant value to our growing, first-class Manhattan property portfolio.”
The seller was Savanna, represented by Adam Spies and Doug Harmon of Eastdil Secured.

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