TikTok confirms Farringdon office move after months of delay

Social media giant TikTok has confirmed that it will move into the Kaleidoscope building in Farringdon, EC1, in a long-anticipated 15-year leasing deal. The Chinese video-sharing platform will take the entire 88,500 sq ft of office space in the Helical-owned building, with a break clause after the first decade. Kaleidoscope is one of a number of new office blocks in the Farringdon area, which is the site of significant interest among occupiers because of the upcoming Crossrail station nearby. The building itself sits directly above Farringdon station. The confirmation will have agents breathing a sigh of relief after months of speculation about whether the deal would go through, with delays thought to be partly due to Chinese New Year in mid-February. TikTok, which was founded in China in 2016 and has grown to 800m users worldwide, had 800 employees in the UK and Ireland as of June last year, and 1,000 employees in Europe. It launched a $70m (£54m) fund in July to pay some of its European users for their content, which is expected to grow to $300m within three years. Matthew Bonning-Snook, property director at Helical, said: “We set out to deliver an architecturally striking and characterful building that would suit the fast-growing creative and tech companies that are attracted to this highly accessible location. “Kaleidoscope offers this together with excellent tenant amenities including a spectacular roof terrace and strong environmental credentials, thereby clearly responding to today’s requirements for wellness and sustainability. “As a platform for billions of creators worldwide, TikTok is a perfect business for both the building and the area’s ambition to be a destination for culture and creativity.” JLL and Pilcher London acted for Helical. To send feedback, e-mail alex.daniel@egi.co.uk or tweet @alexmdaniel or @estatesgazette