Social media giant Facebook has announced that it is moving its UK headquarters to a larger office space in London.
The company has agreed a deal to take up residency near Tottenham Court Road, which is in central London and the former offices of the Royal Mail. The deal will see the enterprise snap up 227,324 square feet of office at One Rathbone Square, which was sold by the UK mail giant four years ago.
Some have deemed this move by the social networking phenomenon as controversial, as the office space is part of Great Portland Estates’ new development. The 2.3-acre site in which the office block is to be located has cost £120m to construct, and is set to generate a profit close to £100m.
The arrangement was confirmed by Facebook, which announced that it will occupy the building once it has been completed in February 2017 after signing a 15-year lease with no break clause. The company will pay an initial rent sum of £16.9m per year, with the first two and a half years being rent free.
It is unknown how many of its staff will be employed in the new offices, but with the new space being much bigger, and able to accommodate almost 2,000 people, this could be a sign of growth for the British branch of the firm. Facebook’s current UK base is located close to Euston and is much smaller at 150,000 square feet of space.
The new Tottenham Court Road office is currently under construction as part of a Crossrail redevelopment reported to be able to link Canary Wharf and Heathrow much more quickly than at present.