TikTok agrees long-term lease on new Dublin docklands workplace
TikTok aims to have up to 2,000 employees in its new on-site Dublin offices by the first quarter of 2022 after the Sorting Office is selected as the location for its Irish operations.
While TikTok’s move to the city’s southern Docklands has not yet been formalized with the building’s owners, Mapletree Investments, the China-based social media company is said to have terms and conditions for renting the property based on a 15-year lease 10 have agreed for a limited period of time and a rent-free period of around 18 months.
The agreed rent level for the office system is assumed to be between € 55 and € 60 per square foot. This is a significant addition to the Dublin office market at a time when numerous commentators have mistakenly predicted the demise of the traditional office model.
The fact that TikTok intends to occupy the entire sorting office, which covers an area of 18,766 square feet, confirms the suggestion that Google’s decision not to close its own deal for the property last September was based on something other than giving up Big Tech’s traditional office model.
As previously reported by the Irish Times, TikTok had considered two more locations in Dublin city center for its operations before choosing the sorting office.
TIO (Targeted Investment Opportunities) for its part had offered TikTok the entire North Dock One (8,826 m²) and the remaining 5,500 m² (59,200 m²) of available space within the adjacent 9,941 m² (107,000 m²) sq ft) North Dock Two. Taken together, the two buildings would have given TikTok space for around 1,500 workers.
The McGarrell Reilly group of developer Sean Reilly has now offered the Chinese company the 17,187 square meters it has at One Charlemont Square on Charlemont Street, and gave TikTok the opportunity to bring together around 1,800 employees.
After having only 20 employees in the republic in early 2020, TikTok has since expanded its presence significantly through the growth of its Trust and Safety Hub in Dublin. The hub made the Irish company TikTok’s third regional hub and enabled it to take a localized approach to content policy.
TikTok has also named Ireland as the center of its European SME business working with companies and brands, adding a data protection department to the Dublin-based team, which last summer appointed a data protection officer for EMEA and a data protection officer. While the sorting office offers the opportunity to take on up to 2,000 employees immediately, the company plans to increase its workforce here to 5,000 in the medium to long term.
Since its inception more than three years ago, TikTok has reached around one billion users worldwide. The social media app has proven particularly popular with younger users.