Snapchat’s parent company expands headquarters at Santa Monica Business Park

Snap is adding 140K sf to its 300K lease

Los Angeles /
Jun.June 07, 2021 10:00 AM
Snap Inc CEO Evan Spiegel, Boston Properties CEO Owen Thomas and Santa Monica Business Park. (Getty, Boston Properties)
Snap Inc CEO Evan Spiegel, Boston Properties CEO Owen Thomas and Santa Monica Business Park. (Getty, Boston Properties)

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


Related Articles

arrow_forward_ios
BLT Enterprises founder Bernard Huberman dies at 65
Bernard Huberman, who built a 3M-sf property portfolio, dies
Bernard Huberman, who built a 3M-sf property portfolio, dies
Alo Yoga founders Danny Harris and Marco DeGeorge with 9830 Wilshire Blvd (Instagram via DeGeorge, The Vendry)
WeWork signs yoga retailer to 70K sf at Beverly Hills office
WeWork signs yoga retailer to 70K sf at Beverly Hills office
Apple delays return to office by a month
Apple delays return to office by a month
Apple delays return to office by a month
Photo Illustration of Apple CEO Tim Cook (Getty)
Apple eyes LA production campus of 500K sf
Apple eyes LA production campus of 500K sf
GM CEO Mary Barra with the Pasadena campus (Getty, CBRE)
General Motors to make Pasadena campus its new design and technology center
General Motors to make Pasadena campus its new design and technology center
Fundrise CEO Ben Miller (LinkedIn, Fundrise)
Fundrise assembling big office, retail portfolio in LA neighborhood
Fundrise assembling big office, retail portfolio in LA neighborhood
Boston Properties’ Santa Monica Business Park and the Colorado Center in Santa Monica (LA Realty Partners, Boston Properties)
LA office leasing picks up in Q2; still lags pre-pandemic
LA office leasing picks up in Q2; still lags pre-pandemic
2000 Avenue of the Stars and CAA CEO Richard Lovett (Gensler, Getty)
Big talent agency renews big lease at 2000 Avenue of the Stars
Big talent agency renews big lease at 2000 Avenue of the Stars
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...