X, the company until recently known as Twitter, has made up with its landlord the Crown Estate to close in on a sublease to United States law firm Paul Weiss at the London headquarters the social media giant has been looking to exit.
CoStar News revealed in May that billionaire Elon Musk's then-Twitter had appointed JLL to advise on options for a relocation of its London offices after a high-profile spat with the Crown Estate, the real estate company representing the reigning United Kingdom monarch, over unpaid rent as the group scaled back its global office occupancy.
The social media giant has been marketing 84,000 square feet on floors one, three and six at 20 Air Street for potential sublease.
At the same time the Crown has been marketing floors two and four at the building via Bluebook and Knight Frank.
CoStar News understands that Paul Weiss is now under offer to take floors three (31,000 square feet), four (27,000 square feet) and six (25,000 square feet); 83,000 square feet in total. The third and sixth floors are in X's hands, while the Crown Estate has been marketing the fourth floor. It is not clear whether X will hand back the space to the Crown Estate or sublease it.
The 28,053-square-foot second floor, which is the Crown Estate's, was recently leased to HarbourVest at a rent understood to be around £100 per square foot.
X retains the 27,333 square feet it occupies on the first floor, and has been marketing the space for sublease. It is unclear what it intends to do with this space.
Earlier this year it emerged the Crown Estate, King Charles III's property company, had filed a claim against Twitter over alleged unpaid rent at the building. The matter has now been settled.
CoStar News first reported on the potential dispute between the independent property company of the reigning British monarch and the world's then-richest man over unpaid rent last year.
Paul Weiss launched a major expansion in the United Kingdom in the summer hiring Neel Sachdev and Roger Johnson from rival Kirkland & Ellis to co-head its London operation.
All parties declined to comment or did not respond to requests for comment or were unavailable for comment.