Assign modules on offcanvas module position to make them visible in the sidebar.


Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.
Sandro Rosell
FC Barcelona President
Sunday, September 24, 2017

The parent company of Scnapchat, Snap Inc., is already expanding its offices just mere weeks after its initial public offering of $3.4 billion.

Snap just closed on a deal to lease 26,000 square feet in the former New York Times building located at 229 West 43rd Street in Midtown Manhattan. That will bring the company up to occupying 121,000 square feet of space. Back in February, the 10-year lease that is good until June 2027 was signed. This was disclosed before the property’s landlord, Columbia Property Trust, released its earnings report on Thursday, April 27.

During an earnings call, the REIT’s CFO James Fleming said, “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. 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.”

According to data from CoStar, in 2014 Snap leased the 15th and 16th floors in the building. The company added 33,360 square feet on the fourth and seventh floors, which rent was listed for$70 per square foot, last year.

In 2015, Blackstone Group sold the 481,000-square-foot, 12-story office condo occupying the top portion of the building, to Columbia Property Trust for $516 million. That same year, the four-story retail section, comprising 250,000 square feet, was purchased by Kushner Companies for $296 million.

In addition to its space in the old New York Times building, Snap has a “pop-up” space consisting of 5,000 square feet at 5 East 59th Street.

By Mark Snyder