Twitter Close to New SF HQ

By Sajid Farooq
|  Friday, Feb 25, 2011  |  Updated 11:15 AM PDT
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Reports of Twitter's move out of San Francisco appear to be greatly exaggerated.

San Francisco Mayor Ed Lee said Thursday that Twitter is close to signing a deal to keep the microblogging site in the City.

Twitter is being offered a six-year payroll tax exemption if it agrees to move into the Mart building in the City's struggling mid-Market area.

Former mayor Gavin Newsom tried to entice restaurants and businesses to move into the area with incentives as well during his term but it did not turn out to be fruitful.

But Twitter is reportedly close to agreeing to relocate its headquarters from Folsom Street to Market Street.

Twitter reportedly thought the rent price for the building was too high, which prompted the company to look at alternative locations in nearby Brisbane.

But Lee said the company is working with the landlord and a formal announcement could come soon.

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