Twitter has reportedly backed out of a major office expansion in San Francisco, with concerns over the company’s business growth hitting US soil, despite moves in Dublin to the contrary.
The San Francisco Business Times reported over the weekend that Twitter’s proposed move to an office block that houses Uber and Square’s HQ was cancelled “at the 11th hour”.
The report details Twitter’s global growth markedly slowing down, however, the significance of this building in particular could be key.
Given that Square’s HQ is there, and Twitter is rumoured to be lining up (stay with us) its former CEO, current Square CEO and current Twitter interim-CEO Jack Dorsey as its new CEO, having offices in the same building seems both logical and complicated at the same time.
Twitter had originally stated that its new CEO would be entirely dedicated to the company, however, were Dorsey to get the nod then this prerequisite may well be discarded.
Twitter growth in Ireland
Meanwhile Twitter is moving its Dublin offices around the corner from its current base in Dublin to a new 85,000 sq ft premises that it is sub-letting from Hibernia REIT plc. It will pay close to €5m a year for the new office space.
Hibernia acquired Cumberland House, an office building with around 112,000 sq ft of lettable area and 213 car-parking spaces on a 1.6 acre site for €49m in March 2015, having initially provided a short-term loan secured on the property.
As part of the agreement with Twitter, Hibernia will refurbish the entire building at a cost of up to €27m ahead of expected lease commencement in the second half of 2016.
Main image via Martin Heigan on Flickr