Aug 9 – Twitter is renting out more than 183,000 square feet of office space in its Mid-Market headquarters, the company confirmed Monday.
The flailing social media company has tapped San Francisco brokerage firm Cresa to market 183,642 square feet of “fully furnished” office space spread out between the two buildings Twitter occupies in Market Square: 1355 Market St. and One 10th St. Asking rent is listed as negotiable, SFGate reported.
Twitter, which has for nearly a year struggled with stalled user growth and undershot investor expectations, has previously looked to subleasing as a way to cut costs.
Earlier this year, Twitter was considering renting out a partial floor of its Market Street headquarters to Affirm, a financial-tech company led by a PayPal co-founder. Affirm pulled out of that deal. Twitter has also sought a tenant to take over 24,000 square feet in its Manhattan office for the next two to three years, according to reports.
“We’re always looking at ways to use our office spaces more efficiently and effectively,” a Twitter spokeswoman said Monday. “We remain committed to our home in San Francisco’s Mid-Market area.”
This year, office rental prices in San Francisco overtook those of Manhattan to become the priciest in the country, according to a report from commercial real estate and investment firm CBRE Group, with companies paying about $72 per square foot for an office in the city.
Twitter occupies more than 600,000 square feet between the two buildings on the corner of 10th and Market streets. Late last year, after co-founder Jack Dorsey was again appointed CEO, Twitter scrapped plans to expand into 1455 Market St. about a week before the company laid off about 8 percent of its workforce.
The news of Twitter’s new space offering, initially reported Monday by the San Francisco Business Times, broke as Twitter shares had begun to rebound following another disappointing earnings report last month.
(SFGate)
