the US owner of the photo messaging app Snapchat has signed an agreement that will more than double its office footprint in London, in a big boost for the capital’s real estate market.
It is understood that New York-listed Snap Inc, led by Evan Spiegel, has agreed to take close to 115,000 square feet in a sublet in a soon-to-be-completed building called Bloom.
The Clerkenwell development offers offices, terraces, a fitness center and more than 200 bicycle spaces. A website for the building says the office leasing agents are CBRE and Compton and that the site is next to Farringdon station.
Landlord HB Reavis and Snap declined to comment on the deal.
The latter is believed to have a team of about 400 in the capital, but the size of the space Snap takes up could potentially be used to house about 1,500 people in the future.
It marks a significant expansion in London for the camera company, which operates from two smaller locations in Soho.
Snap has celebrated its 10th anniversary this year and in the third quarter, sales saw a 57% increase to $ 1.1 billion.
Talks about the lease were reported by the real estate news site EG in June, but the agreement has only just been concluded, according to sources.