Here’s something to Snap about.
Clandestine messaging app Snapchat recently leased 80,000 square feet at the Santa Monica Airport for just under $3 million a year, the Santa Monica Mirror reported.
The tech company has gobbled up two buildings, at 2772 and 2800 Donald Douglas Loop North, and eight additional hangars nearby. The office buildings total 70,473 square feet and the hangars are 8,900 combined. The lease, approved by the Santa Monica City Council Friday, is at least five years in length.
Snapchat’s rent to the city will hover between $2.9 million and $3.2 million. As part of the agreement, the company will also spend at least $1.4 million on tenant improvements at the two office buildings.
“Securing this major tenant helps ensure the Airport Fund’s financial self- sufficiency and allow it to repay its $13M debt obligation to the City,” the City of Santa Monica said in a statement.
The company with the now ubiquitous little ghost logo first put down roots in L.A. just a few years ago in Venice Beach. Last year, the company doubled its original lease at Venice and Abbot Kinney Boulevards for 40,000 square feet, the L.A. Times reported.
CEO Evan Spiegel recently bought a $12 million Brentwood residence just four miles northeast of his company’s new enclave in Santa Monica. [Santa Monica Mirror] — Cathaleen Chen