ByteDance Leases Entire Office

ByteDance Leases Entire Office Bldg In London

UNITED KINGDOM – In a major vote of confidence over London’s office rental market despite the impact of the COVID-19 pandemic, a subsidiary of Chinese tech giant ByteDance, has agreed to lease an entire office block in the capital, according to a recent report by the Evening Standard.

Notably, TikTok UK will occupy the whole of Kaleidoscope, a new office tower spanning 88,500 sq ft located on top of the Farringdon East Crossrail Station.

The property owner Helical revealed that while the lease term is 15 years, the tenant has the option to exit by the 10th year. A rent-free period was provided as well.

TikTok UK, a company created in 2018 and whose General Manager is Rich Waterworth, plans to start occupying the office building by early-2022. About 850 of its staff are anticipated to work at the commercial property.

Designed by PLP Architecture, among the Kaleidoscope building’s notable features is a 5,000 sq ft roof terrace that offers breath-taking views over the capital.

“We set out to deliver an architecturally striking and characterful building that would suit the fast growing creative and tech companies that are attracted to this highly accessible location. Kaleidoscope offers this together with excellent tenant amenities including a spectacular roof terrace and strong environmental credentials, thereby clearly responding to today’s requirements for wellness and sustainability,” said Helical’s Property Director Matthew Bonning-Snook.

“As a platform for billions of creators worldwide, TikTok is a perfect business for both the building and the area’s ambition to be a destination for culture and creativity,” he noted.

The rental transaction – wherein property consultancies Pilcher London and Jones Lang LaSalle (JLL) advised the property owner – is deemed as a significant boost to the city’s office leasing market despite the doldrums caused by the health crisis in 2020, during which numerous office employees have worked from home since the government imposed the first lockdown last March.

There are also doubts on the demand for commercial space after the pandemic is over, with a number of businesses adopting hybrid or flexible work arrangements.

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