Manhattan’s office market is as delicate as a snowflake, but it’s a Snowflake that kept the market going during a cold February.
Cloud computing firm Snowflake signed a lease for 83,000 square feet at BXP’s 7 Times Square, the Commercial Observer reported. The lease was disclosed in the monthly Colliers office report.
Many of the details of the deal, including the length of the lease and the asking rent, were not disclosed. In the fourth quarter, the average asking rent for office space in Times Square was $76.42 per square foot, according to Newmark.
The office is a mere block away from the New York City offices the firm lists on its website, at Bryant Park-adjacent 114 West 41st Street. The firm is relocating, rather than tacking an additional space onto its footprint, a company executive told The Real Deal.
Snowflake is based in San Mateo, California, but boasts offices in more than 10 major metros in the United States and 50 offices across the globe. In December 2024, the company signed a 773,000-square-foot sublease in Menlo Park, the largest Bay Area office lease in more than a decade.
The data platform’s lease at 7 Times Square comes about a year after KnitWell Group — the parent company of brands including Ann Taylor, Chico’s, Lane Bryant and LOFT — signed a 20-year lease for 246,000 square feet, a 55,000-square-foot expansion to KnitWell’s existing 191,000-square-foot space.
Other tenants at the 1.3 million-square-foot building include Japanese trading firm GSI Exim America, law firm Friedman Kaplan and private plane renters Flewber. BXP recently added amenities to the property, including conference space, a client lounge and cafe services.
— Holden Walter-Warner
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