Snap Commits to 467,000 SF of Santa Monica Office Space
By Greg Cornfield January 24, 2024 5:10 pm
reprints
Snap Inc., the owner of social media platform Snapchat, is committed to office space on Los Angeles’ Westside.
The publicly traded company signed a 10-year lease for approximately 467,000 square feet at Boston Properties (BXP)’ Santa Monica Business Park (SMBP), the landlord announced Tuesday. One source described the deal as a 610,000-square-foot renewal followed by Snap exercising about a 140,000-square-foot giveback.
The deal comes about seven weeks after Commercial Observer reported Snap’s intentions to renew and reduce its office needs. Neither Boston Properties nor Snap returned requests for additional details.
Regardless, the deal is one of the largest office leases in Greater Los Angeles in the past few years. It’s easily more than twice the size of Sony Pictures’ lease with Onni Group, which was the largest reported lease in L.A. in 2023 (and starts April 2024).
SMBP is a 1.2 million-square-foot creative campus at 3420 Ocean Park in Santa Monica, and sits adjacent to Snap’s headquarters on Donald Douglas Loop. Boston Properties acquired its 55 percent ownership of SMBP from Blackstone for $627.5 million in 2018.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
