Transactions - AUGUST 28, 2014

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New York REIT acquires Twitter HQ for $335m

by Andrea Waitrovich

New York REIT has closed on its previously announced acquisition of Twitter's headquarters in Manhattan located at 245–249 W. 17th St. in the Chelsea neighborhood. The sales price was approximately $335 million or $1,191 per square foot.

The sellers were Savanna and Atlas Capital Group, which acquired the two-building office property in 2012 for $75.8 million and invested $29 million in improvements. The renovations include two new lobbies along with new state-of-the-art building systems, windows, elevators and a rooftop terrace that overlooks the Hudson River.

The property includes a 12-story office tower combined with an adjacent six-story mixed-use building and contains approximately 282,000 rentable square feet. In addition to Twitter’s headquarters, Room & Board occupies the retail portion of the building. Flywheel Sports

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