Twitter Signs Lease to Stay in San Francisco [NetworkEffect]
After much wrangling, Twitter announced today it has signed a lease to stay in San Francisco for the long term. The company is to be the recipient of a payroll tax break in exchange for moving to one of the cityâ€™s more troubled neighborhoods. It had previously signed a letter of intent to stay in the city provided such allowances were made to save the company an estimated $20 million in payroll taxes over the next six years.
In a blog post, Twitter said it expected to move to its new Mid-Market office in mid-2012. â€œSan Franciscoâ€™s unique creativity and inventiveness is a part of Twitterâ€™s DNA, and we feel like we are part of San Francisco,â€ the company said.
The Market Square building (formerly known as the San Francisco Furniture Mart) is about eight big blocks away from Twitterâ€™s current SOMA office and will need to be extensively renovated before Twitter can move in. The building was bought last month by Shorenstein Properties for $110 million.