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- October 1, 2014: Vol. 1, Number 1

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New York REIT Acquires Twitter HQ for $335m

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New York REIT has closed on its 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 is also a tenant.

Manhattan ranks as the number one market for investors, with a

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