Twitter has leased 141,000 square feet of space for its New York City headquarters at Savanna’s 245 and 249 West 17th Street in Chelsea.
Landing the major tenant is a big payoff for Savanna, which purchased the properties in November 2012 for a reported $76 million and re-launched them in November 2013 following a $21 million overhaul.
“[The properties] afforded us the perfect opportunity to utilize our capital and expertise in transforming two underfunded, run-down properties into modern, loft-style offices equipped with Class A infrastructure,” said Kevin Hoo of Savanna, in a statement announcing the new lease. “We are proud of the significant turnaround that we have achieved in record time while being excited to welcome Twitter.”
David Falk, Peter Shimkin, Danny Levine and Nick Berger of Newmark Grubb Knight Frank represented the landlord. Mac Horner, Andy Poppink, Clayton Kline, Derek Johnson and Reid Longley of Jones Lang LaSalle represented Twitter.
“The vision that ownership had for the project was to provide a sharp, high end renovation that would meet the image and lifestyle of a growing, progressive company,” said Mr. Falk, in a statement. “Twitter is exactly the type of exciting company we envisioned to call 17th Street home.”
Built in the early 1900s as the original wagon and warehouse for the Siegel Cooper Company, the lofty 249 West 17th Street features 14- to 17-foot ceilings, 35-foot column spans and nine-foot windows, connecting to 245 West 17th Street with pass-through connections.
As part of the renovations, Savanna vacated both properties and completed a new lobby and security system, water-cooled HVAC systems, new elevators, high-end core bathrooms, and a restored façade and roof, with the intention of landing higher-paying, more recognizable tenants.