Tottenham Court Road had better brace itself for an influx of social media aficionados, as Facebook is renting over 225,000 square feet of office space in central London for huge new UK headquarters.
Property developer Great Portland Estates is leasing its entire Rathbone Square development, by the Tottenham Court Road Tube station, to the social media giant, on a 15-year term.
Neil Thompson, portfolio director of Great Portland Estates, said:
We are delighted to welcome Facebook into the Great Portland Estates portfolio and we look forward to providing them with a world class London headquarters in this outstanding development.
The space is due to be completed in early 2017, and Facebook will pay an “initial rent of £16.9m – although the first 30 months will be rent-free.
The company has also been given rights of first offer on the surrounding office space, including developments on 1 Dean Street and 76 Oxford Street.
Great Portland Estates shares were down 0.2 per cent following the news.