If rumors are true, Twitter will be taking over Facebook’s former office space at 340 Madison Avenue, New York City, in the next few weeks. And the move couldn’t be any more symbolic if it was planned out by a first-year literature prof.

The New York Observer reports that Twitter will sublease Facebook’s former New York office space, as the microblogging service finally finds a permanent home for its New York office – which is currently being temporarily housed in a loft in Soho.

Facebook used to reside on the sixth floor of 340 Madison Avenue, which it leased in August of 2009. But the mega-company has now relocated… to 350 Madison Avenue, just down the street from its former office.

It looks like Twitter and Facebook will be facing each other, on the same high-powered block of on of the most high-powered cities in the world.

The fact that Twitter overtook Facebook’s old office is pretty symbolic. Twitter is expanding, and it’s encroaching on Facebook. However, Facebook, too, is expanding into a bigger and better office. And the two rival social networks are right across the street from one another, staring each other down and keeping a close eye on the competition.

The deal is not supposed to go through for another few weeks, but we will keep our eyes on any new developments.