Snapchat completes landmark London HQ deal
Social media giant Snapchat has completed its deal to lease most of HB Reavis’ new office building, Bloom, in Farringdon.
The Silicon Valley tech company picked the building (pictured) earlier this year as its new UK headquarters, electing to lease around 115,000 sq ft of offices at the site.
It has now signed on the dotted line, meaning it will likely move into its new premises across the second to sixth floors at Bloom next year. The rent is believed to be between £80 and £85 per sq ft.
Social media giant Snapchat has completed its deal to lease most of HB Reavis’ new office building, Bloom, in Farringdon.
The Silicon Valley tech company picked the building (pictured) earlier this year as its new UK headquarters, electing to lease around 115,000 sq ft of offices at the site.
It has now signed on the dotted line, meaning it will likely move into its new premises across the second to sixth floors at Bloom next year. The rent is believed to be between £80 and £85 per sq ft.
The space also includes around 9,000 sq ft of terraces, and the building sits directly above Farringdon Tube station, which will benefit from a Crossrail connection when the line opens in the first half of next year.
When the news emerged of Snapchat’s letting at the site, revealed by EG earlier this year, it came as a major boon to central London’s office market, which is still in recovery after more than 18 months of uncertainty due to the pandemic.
California-based Snapchat is the latest of several tech companies opening new offices in Farringdon, which has become the go-to area of London for big social media firms with millennial and Generation Z-focused products.
In April, EG revealed that Depop was lining up a new office nearby which would see it nearly double its London workspace.
Before that, TikTok confirmed that it will move into the Kaleidoscope building in Farringdon in a long-anticipated, 15-year leasing deal.
Snap Inc has enjoyed a bumper year during the pandemic, recently revealing that revenues rose 57% year-on-year to $1.06bn (£798m) in the first quarter of 2021. It has 306m daily users, a figure that has surged by more than a fifth since the Covid-19 pandemic began.
It is unclear whether Snapchat intends to retain its two existing London offices, which include its 20,000 sq ft international hub on Shaftesbury Avenue, where it signed a 10-year lease in early 2017. It also occupies all four floors of Columbia Threadneedle’s 12,570 sq ft 7-11 Lexington Street, W1.
However, the company is believed to have re-geared its leases at the West End offices to allow for the business to move elsewhere.
CBRE represented Snapchat, while Compton was leasing agent at the building. All parties declined to comment.
To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews
Image courtesy of HB Reavis
