Depop heads for checkout on upsized Farringdon HQ
Depop is set to become the latest tech company to significantly increase its office space by taking a new headquarters in Farringdon, EG understands, as the online clothing marketplace seeks to expand after a bumper pandemic year.
The company, whose app has become a mainstay on the smartphones of 16 to 24-year-olds, is under offer for around 30,000 sq ft of office space at 20 Farringdon Road, EC1, meaning its new base will be roughly twice the size of its existing premises in Shoreditch.
When the Covid-19 pandemic struck, a sharp increase in demand prompted the company to go on a hiring spree which took it from fewer than 300 employees to more than 400 during the pandemic.
Depop is set to become the latest tech company to significantly increase its office space by taking a new headquarters in Farringdon, EG understands, as the online clothing marketplace seeks to expand after a bumper pandemic year.
The company, whose app has become a mainstay on the smartphones of 16 to 24-year-olds, is under offer for around 30,000 sq ft of office space at 20 Farringdon Road, EC1, meaning its new base will be roughly twice the size of its existing premises in Shoreditch.
When the Covid-19 pandemic struck, a sharp increase in demand prompted the company to go on a hiring spree which took it from fewer than 300 employees to more than 400 during the pandemic.
It is understood that the dramatic growth meant Depop’s current 16,000 sq ft office on Curtain Street, EC2, was not big enough. As a result, it hired agency Making Moves to help it find a new base, as previously revealed by EG.
The corner block, built in 2002 and owned by Derwent London since 2015, is opposite Farringdon station. The area has attracted significant interest among occupiers because of the upcoming Crossrail station there.
The deal follows TikTok signing for the nearby Kaleidoscope building last month. The Chinese video-sharing platform will take the entire 88,500 sq ft of offices in the Helical-owned site on a 15-year lease.
Depop’s app allows users to buy and sell clothes between one another. The company has estimated that more than 90 per cent of its users are under the age of 26, and that a third of all 16 to 24-year-olds in the UK have downloaded it to try it at least once.
The company also has offices in Manchester, Los Angeles, New York and Sydney.
Making Moves and Depop declined to comment. Compton, which is acting for Derwent, also declined to comment.
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