Twitter Inc., the microblogging site planning an initial public offering, is in talks to lease a 320,000-square-foot office adjacent to its San Francisco headquarters, said people with knowledge of the discussions.
Twitter is the only current suitor for One 10th St. in the city's Central Market redevelopment area, said one of the people, who asked not to be identified because the matter is private. The building is owned by Shorenstein Properties LLC, which also leases Twitter its current office on Market Street. No lease has been signed and the discussions could fall apart, the person said.
Twitter, preparing to hold one of the largest technology IPOs since Facebook Inc. (FB), may use some of the cash it raises to expand and accommodate its workforce. Leasing the renovated 1970s annex at One 10th St. would more than double Twitter’s current San Francisco footprint of 295,000 square feet, according to data from broker CBRE Group Inc.
The company relocated to its current headquarters in June 2012, helping to revive the blighted Central Market neighborhood and paving the way for moves by technology firms including Square Inc. to the area.
Gabriel Stricker, a spokesman for Twitter, declined to comment. Tom McDonnell, a Shorenstein executive, also declined to comment.