After a big expansion deal collapses, speculation has it that the little blue bird may not be flying so high these days. The San Francisco Business Times reports this morning that Twitter has cancelled plans to expand into 1455 Market St., a building located roughly a block away from the current headquarters at 1355 Market. Had the deal gone through, it would have given the social media company an additional 100,000 square feet of office space. The question fluttering in the air this morning: What went wrong?
The SFBT report says that Twitter's growth and hiring slowdown coupled with the exit of some managerial and engineering talent could be to blame for the last-minute pull out. It also says a recent shakeup at the top could also have contributed to the decision: Jack Dorsey, a Twitter founder, was recently named the CEO of the company. He is also head of Square, which is headquartered at 1455 Market. A source told the SFBT that the move "likely helped unravel the expansion deal."
Twitter currently occupies some 760,000 square feet of space at 1355 Market, in what was once the city's furniture mart. According to the article, that puts the company at number three on the list of technology companies with greatest number of leased square feet in the city (following Salesforce and Uber).
· Exclusive: Twitter ditches S.F. expansion plan as growth lags [San Francisco Business Times]
· Mapping 38 Transformative Mid-Market Development Projects [Curbed SF]