Social media giant Snap Inc., owner and developer of technology platform Snapchat, has renewed its lease at Boston Properties Inc.’s Santa Monica Business Park with a 10-year extension, maintaining its Santa Monica footprint despite rumors of downsizing.
A long-term tenant of the Ocean Park creative office campus, Snap is among the biggest tech employers in greater Los Angeles. The company occupies multiple buildings across approximately 467,000 square feet.
“We are thrilled that Snap will continue to innovate and grow their business at Santa Monica Business Park,” said Alex Cameron, vice president of leasing and Los Angeles regional director for Boston Properties. “Their commitment to Santa Monica, engagement with the surrounding community and dedication to their employees’ experience are clear with this selection.”
The news comes just a few months after industry speculation arose that Snap was preparing to drastically downsize its Santa Monica headquarters.
In December, anonymous sources told real estate industry trade journal Commercial Observer that the company had plans to backtrack on its office expansion.
One source estimated the publicly traded company would cut around 160,000 square feet, while another estimated Snap wanted to shed its space by about 75%, which would amount to ditching more than 300,000 square feet of space, according to Commercial Observer.
Santa Monica Business Park is a 1.2-million-square-foot creative office campus in the heart of the Sunset and Ocean Park neighborhoods. The 45-acre property was acquired by Boston Properties in 2018 for $628 million.
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