Cloud data company Snowflake, with clients including Capital One and Toyota Motor Europe, is relocating its New York office in a planned move to a Times Square tower as rapid revenue and customer growth fuels its global expansion.
Snowflake in February signed a lease spanning 82,505 square feet at 7 Times Square, according to a Colliers report. The firm is relocating from 114 W. 41st St., where it occupies about 16,200 square feet, CoStar data shows.
“Manhattan is home to many global enterprises across financial services, media, retail, healthcare, and technology,” Warrick Taylor, Snowflake’s vice president of workplace and real estate, said in an emailed statement to CoStar News. “It gives Snowflake access to a strong, well-educated talent pool and allows us to stay close to customers and partners in a key market.”
The new space will support the company’s go‑to‑market team and reinforce Snowflake’s focus on innovation, Taylor said.
The 1.27 million-square-foot 7 Times Square, at Broadway and 42nd Street, is owned by BXP and Norges Bank Investment Management.
The lease comes as Snowflake last week reported a 30% jump in fourth-quarter product revenue to $1.23 billion. The company added 740 net new customers, a 40% jump and its strongest quarter on record for that metric.
Over 9,100 of its customer accounts, including Toyota and United Rentals, are now using Snowflake’s artificial intelligence features, the company said. The growth has spurred its footprint growth worldwide. Snowflake has also expanded in cities including Denver and Menlo Park, California. Its website lists almost 50 office locations globally, from Toronto and Paris to Riyadh, Saudi Arabia, and Tokyo.
Snowflake, which previously said it doesn’t have a headquarters, recently updated its information to say its headquarters is in Menlo Park, as the campus represents one of its largest globally, Taylor said, adding it has a hybrid work policy.
The 7 Times Square deal ranked among the five largest office leases signed in Manhattan last month, Colliers said.
Other notable transactions included Fanatics’ expansion to more than 210,000 square feet at 95 Morton St.; a 131,000‑square‑foot expansion by Latham & Watkins at 1285 Avenue of the Americas; and an 87,000‑square‑foot expansion by the New York City District Council of Carpenters Benefit Funds at 395 Hudson St. Datasite also signed a 76,000‑square‑foot sublease at 3 Columbus Circle.