Tech Giant Snapchat Continues to Grow in New York
Columbia Property Trust is a publicly traded REIT that owns and operates Class-A office buildings with a heavy concentration in New York, San Francisco, and Washington D.C. Columbia recently bought the former New York Times Building and has reaped the benefits as it has become home to a plethora of TAMI tenants including Snapchat, MongoDB, and PubMatic. The disappearing messages app originally moved to the building in 2014 and most recently leased another 26,000 square feet really establishing its New York presence. The new lease will expire in June of 2027 and was completed in Q1 2017. Despite all the uncertainty about Snapchat’s future in its post-IPO life, they continue to turn heads with moves like this. It will be very interesting to see what comes next for Snapchat!
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