From Subtweet To Sublease: Twitter's Boulder Office Space Is Now Available
Less than three months after Twitter's CEO announced that all of its employees could work remotely permanently, one of the company’s offices in Boulder has been placed up for lease, according to reporting this week from BizWest.
The social media company moved into three floors in The Wencel Building at 1301 Walnut St. in the heart of downtown Boulder about six years ago. But now, a marketing flyer from Cresa indicates that the 36K SF occupied by Twitter is available for sublease, with a term extending through July 2024.
Boulder served as an early Colorado foothold for many of Silicon Valley’s biggest names, including Google and Facebook, along with Twitter, which entered the market in 2014 following its purchase of Gnip, a locally founded social data provider. In 2020, Twitter expanded its Boulder footprint with a 65K SF lease in the S’Park development.
But as companies large and small work to meet the expectations and demands of their workforces in the wake of the coronavirus pandemic's remote-work surge, Twitter CEO Parag Agrawal in March announced that the company’s 7,500 employees could work from home permanently if they preferred.
A 36K SF lease is a drop in the bucket in Boulder’s office market, which contains 7M SF in total inventory, 260K SF of which was available for sublease in the first quarter, according to data from CBRE’s Denver office.
Boulder’s office vacancy rate was 15.1% in the first quarter, about 4% below the market average, and lease rates in the city are roughly $5 per SF higher on average than the metro area as a whole.
The Wencel Building is a Class-A office space owned by local developer W.W. Reynolds Cos. and located two blocks from Boulder’s popular Pearl Street Mall.
Twitter has most recently been in the news for its potential purchase by tech billionaire Elon Musk, who reportedly offered $44B for the acquisition, setting off internal turmoil for the 16-year-old company.