TikTok new Farringdon workplace social media
ikTok, the popular short video app store, has signed a contract for the entire new office building over a Crossrail station in London, which will significantly boost the capital’s leasing market.
Landlord and real estate developer Helical said that TikTok UK, owned by international tech company Bytedance, has rented the entire kaleidoscope.
The development is an 88,500 square foot office building located above Farringdon East Crossrail Station. The lease has a term of 15 years and can be terminated by the tenant in the tenth year. A market-free period was also granted.
The deal is seen as a major vote of confidence in London and welcomed by the capital’s commercial property market, which saw a tough office rental market last year.
TikTok hopes to move into the building in early 2022. Around 850 people in Great Britain could be employed here.
Numerous office workers have worked remotely since the initial lockdown began last March.
There have been some concerns about what demand for space will look like after the pandemic and a number of managers are expected to be more flexible.
The Kaleidoscope building offers its new tenant a 5,000 square meter roof terrace with views over London.
Matthew Bonning-Snook, Property Director at Helical, said, “We wanted to deliver an architecturally striking and characterful building that would match the fast-growing creative and technology companies interested in this accessible location. Kaleidoscope offers this along with excellent amenities for tenants, including a spectacular roof terrace and strong environmental credentials, clearly responding to today’s demands for wellness and sustainability. “
He added, “As a platform for billions of developers worldwide, TikTok is a perfect business for both the building and the region’s quest to be a destination for culture and creativity.”
The real estate agents JLL and Pilcher London advised the landlord on the rental.
TikTok UK was launched in 2018 and the general manager is Rich Waterworth.