Snapchat owner to more than double London HQ size in new office deal

The US owner of photo messaging app Snapchat has signed a deal that will more than double its office footprint in London, in a big boost for the capital’s property market.


It is understood New York-listed Snap Inc, led by Evan Spiegel, has agreed to take close to 115,000 square feet in a pre-let at a soon to be completed building called Bloom.


The Clerkenwell development features offices, terraces, a fitness studio and more than 200 bike spaces. A website for the building says the office leasing agents are CBRE and Compton and the site is next to Farringdon station.


Landlord HB Reavis and Snap declined to comment on the deal.


The latter is understood to have a team of around 400 in the capital, but the size of the space Snap is taking could be used to house some 1500 people potentially in the future.


It marks a substantial expansion in London for the camera company, which operates from two smaller sites in Soho.


Snap has this year celebrated its 10 year anniversary and in the third quarter saw sales surge 57% to $1.1 billion.


Talks for the letting were reported by property news site EG in June, but the deal has only just been inked according to sources.


Snap joins a list of businesses taking new offices, even as employers embrace hybrid working.


A number of companies are expected to reduce office space they occupy, but property developers are reporting good demand for modern and environmentally-friendly buildings.


Earlier this year TikTok, the popular short video app business, signed for office space that sits above the Farringdon East Crossrail Station.


Evening Standard (Joanna Bourke) -

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