:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/elfinanciero/O2T2DTUSNZAPFJYJNVMG2IPF4E.jpg "Reduce New York offices – El Financiero")
twitter search sublet office space in New York in an attempt the technology company seeks to reduce costs.
Twitter recently listed nearly 200,000 square feet of space for sublet at 245 and 249 W. 17th St. in Manhattan, according to data from real estate brokerage Savills.
An email seeking comment from Twitter was not immediately returned; the company previously laid off its entire public relations department. A spokesman for Columbia Property Trust of Pacific Investment Management, the building’s owner, declined to comment.
Elon Musk has been cutting costs since taking over Twitter last year. The company has cut jobs and has been accused of not paying rent for offices in San Francisco and London. Sublet the New York space could help Twitter cut costssince most property contracts require tenants to pay rent for the term of the lease, even if the space is not occupied.
The 17th Street buildings were among a handful of properties seized in a recent default by Pimco’s Columbia Property Trust. The office owner said last week that he was working on a loan restructuring with your lenders.
Twitter’s office retirement is the latest downsizing of real estate by a major tech company. Facebook parent Meta Platforms has given up some offices in Manhattan’s Hudson Yards, while Amazon.com also cut a planned expansion in the city, Bloomberg reported last year.
That adds to the woes of many city landlords, who in recent years have relied on big tech firms as drivers of leasing. While financial services companies have pushed to take up more space, nearly 19 percent of the city’s offices were available to rent in the fourth quarter, according to Savills.
