Instatiable Snapchat's gobbling up real estate again, but this time it's spreading into another coastal neighborhood: Santa Monica. The messaging app has signed an almost $3 million-a-year lease for nearly 80,000 square feet of space at the Santa Monica Airport, reports the Santa Monica Mirror. The lease is good for at least five years.
Snapchat was probably pretty excited to find this much space together in Santa Monica, given SaMo's notoriously tight market for office space. The app's scored two office buildings on Donald Douglas Loop North totaling 70,473 square feet, and eight hangars which amount to 8,900 square feet combined. All are city-owned property, and the rent will range from $2.9 million a year to $3.2 million a year, depending on the year.
As part of their lease, Snapchat has also agreed to spend at least $1.4 million making improvements on the two buildings, which counted "attorneys and auto designers" like Volkswagen, Audi among previous/current tenants.
According to a report prepared by Santa Monica staff, Snapchat made an offer to the brokers of the airport offices last month. Snapchat already has a good chunk of space in Venice already, and the report doesn't seem to suggest that they'll be consolidating in their newest offices, simply stating that "Due to significant growth, Snapchat seeks additional office space in Santa Monica."
About a year ago, Snapchat was gearing up to move into 40,000 square feet in Venice on Abbot Kinney and Venice Boulevard, in addition to space on Market Street and about 25,000 square feet along Ocean Front Walk. (They also have a party penthouse on Venice Beach, but that's probably not for working.)
According to a presentation given to SaMo City Council officials, the terms of Snapchat's lease begin this June and run until December 2021.