Snapchat owner to double London HQ size in new office deal

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Snap Inc. has signed on to take office space in a new development in Clerkenwell

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Tea

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

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

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

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

The capital is understood to have a team of around 400, but the space Snap is taking up could potentially be used to house around 1,500 people in the future.

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

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

Negotiations for the lease were reported by property news site Easy in June, but the deal has only been struck, according to sources.

Snap joins the list of new office-taking businesses, even as employers adopt hybrid working.

Many companies are expected to reduce their office space, but property developers are reporting a good demand for modern and eco-friendly buildings.

Earlier this year popular short video app business TikTok signed up for the office space, which is located atop Faringdon East Crossrail station.

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