Snapchat’s parent company expands headquarters at Santa Monica Business Park
Snap is adding 140K sf to its 300K lease
Snapchat’s parent company is expanding its headquarters at Boston Properties’ Santa Monica Business Park.
Snap Inc. added 140,000 square feet to its footprint at the 1-million-square-foot campus at 2850-4320 Ocean Park Boulevard, according to the Commercial Observer.
That a roughly 46 percent expansion from Snap’s existing 300,000-square-foot lease that it signed in 2016.
Part of that lease included an agreement with previous landlord Blackstone to add about 100,000 square feet as other companies vacated the complex. Boston Properties bought the property in 2018 for $616 million.
Video game giant Activision Blizzard vacated its 214,900-square-foot space at Santa Monica Business Park earlier this year as its 10-year lease expired.
Snap’s lease at Santa Monica Business Park was meant to consolidate a workforce scattered at small office spaces across Venice Beach.
At one point in about 2018, Snap had 163,000 square feet of leases at 14 sites in the neighborhood. The company put about half of that up for sublease that year, and by early 2019 the company had leased out about 20 percent of it.
Among those properties is Silver Creek Development’s five-building complex on Venice Boulevard. Snap signed an 11-year lease at the property in 2015.
Last week, news broke that Silver Creek refinanced the property with $34 million in debt from Bridge Investment Group and Rialto Capital Management.
[CO] — Dennis Lynch