Savanna Puts Twitter’s NYC HQ Building on the Market
Lauren Elkies Schram June 11, 2014, 11:07 a.m.
Following a $29.4 million gut renovation, Savanna has put 245-249 West 17th Street on the market, hiring Eastdil Secured to sell the 12-story office tower and adjacent six-story mixed-used building, according to marketing materials obtained by Commercial Observer.
Together the Gold LEED-certified buildings between Seventh and Eighth Avenues and 17th and 18th Streets have 281,294 square feet, including 18,945 square feet of ground-floor retail space.
The average rent in the building is $70.38 per square foot, the Eastdil investment opportunity email indicates. No asking price was included.
The property is almost entirely leased to three tenants: Twitter, Room & Board and Flywheel. Twitter received nearly $10 million in a tenant improvement allowance for its East Coast headquarters.
“With a weighted average lease expiration date of September 2027 (13 years), the current tenants provide $268 million of contractual revenue over the life of their leases,” according to the property email.
Eastdil’s Adam Spies, Douglas Harmon, Joshua King and Adam Doneger are marketing the property.
Savanna didn’t immediately respond to a request for comment and nor did Messrs. Spies and Harmon.