TikTok has signed a lease for its new headquarters at the new Farringdon East Station complex on Lindsey Street in the City of London.
The social media giant signed a 15-year lease on the 5 March for the 88,500 square foot Kaleidoscope building, managed by property developer Helical.
TikTok was established in China in 2016 by ByteDance. However, it was not available worldwide until 2018. TikTok has over 689 million active users and continues to grow. The app allows users to create short videos with backing music and voice-overs. It is free to download and experienced rapid growth during the coronavirus pandemic.
However, TikTok is not just for young people; celebrities, politicians, musicians and journalists have all joined the trend. One UK TikToker who goes by the name Holly H has 16.5 million followers on the app.
All of Kaleidoscope’s six floors will be let to TikTok under the agreement. The building sits above the newly developed Farringdon East Station. This was the first of Crossrail’s over-station developments to be completed for rent.
Matthew Bonning-Snook, property director at Helical, said: “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.”
A new addition for the Culture Mile
In recent years, Farringdon has become part of what is known as the ”Culture Mile”. TikTok’s move will add to the area’s renewed artistic and cultural significance. The Culture Mile references the famous Barbican Centre, Museum of London and London Symphony Orchestra.
TikTok seeks to move around 850 staff into the new office in 2022.
Helical told the Evening Standard: “The letting to TikTok underscores our view that demand for high-quality new office space in Central London will remain strong.”
