TikTok looks to lift London office space

TikTok is in talks to take temporary office space in London while its new UK headquarters are finished. The social media giant is lining up a deal for up to 30,000 sq ft across four floors in CIT Group’s Hylo Building, EC1, EG understands. TikTok plans to occupy the space on a five-year lease while it waits to move into Topland Group and Beltane Asset Management’s Verdant development in Farringdon, according to market sources. TikTok signed a lease to occupy the entire 140,000 sq ft building in January 2023 but the scheme is not due to complete until autumn 2024. The Shoreditch tower is the company’s preferred option, agents familiar with the search said, although it could yet choose another location. At this stage it is unclear whether the tech company plans to retain the temporary space when it moves into Verdant. A spokesman for TikTok declined to comment. The news comes as other big companies in the sector rethink their real estate needs. Mark Zuckerberg’s Meta paid £149m to break its lease at Regent’s Place with British Land in September. It also follows reports that Elon Musk’s X, formerly known as Twitter, is close to reaching a deal with an unnamed party to sublet the social media platform’s excess office space at 20 Air Street, W1. To send feedback, e-mail chante.bohitige@eg.co.uk or tweet @bohitige Image from CIT Real Estate