TikTok eyes another London office after Farringdon deal
Social media giant TikTok is on the hunt for yet more office space in London, as the Chinese company looks to continue the rapid expansion of its UK operations.
TikTok is actively pursuing between 60,000 sq ft and 100,000 sq ft of office space, EG understands, in a move which would build on an already significant office deal it signed in Farringdon earlier this year.
The video-sharing company acquired all of the new 86,000 sq ft Kaleidoscope office building in Farringdon, which is owned by developer Helical, on a 15-year lease in March. It agreed to pay £86 per sq ft, significantly above a roughly £75 average for prime office rents in Clerkenwell.
Social media giant TikTok is on the hunt for yet more office space in London, as the Chinese company looks to continue the rapid expansion of its UK operations.
TikTok is actively pursuing between 60,000 sq ft and 100,000 sq ft of office space, EG understands, in a move which would build on an already significant office deal it signed in Farringdon earlier this year.
The video-sharing company acquired all of the new 86,000 sq ft Kaleidoscope office building in Farringdon, which is owned by developer Helical, on a 15-year lease in March. It agreed to pay £86 per sq ft, significantly above a roughly £75 average for prime office rents in Clerkenwell.
Kaleidoscope is one of a number of new office blocks in Farringdon, which is the site of significant interest among occupiers, partly because of the upcoming Crossrail station nearby.
The area is fast becoming a magnet for tech tenants, after California-based social media company Snapchat also entered talks to take 114,000 sq ft of office space at HB Reavis’s flagship new building, Bloom.
Sources told EG that TikTok’s parent company, ByteDance, has carried out viewings in recent weeks with the intention of finding another building as close to its new office as possible.
Despite several years of controversy in the US under former president Donald Trump, which nearly saw it banned in the country, TikTok’s parent company ByteDance has enjoyed wild expansion during the pandemic.
The company has carried out the biggest hiring spree in tech history, almost doubling in size in the past 18 months to more than 100,000 staff, and its apps have reportedly generated $35bn in revenues in 2020.
CBRE is advising TikTok. Both parties declined to comment.
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