Facebook and King’s Cross Central Limited Partnership (KCCLP) signed a deal that will see Facebook acquire 611,000ft² of office space across three buildings at King’s Cross. The move marks one of the most significant commercial deals in London this decade: circa 15% of the total commercial space at King’s Cross (4m ft²) will be let in a single deal. The agreement further builds on King’s Cross’ reputation as a destination for creatively-led businesses. Facebook, which currently has UK offices in Rathbone Place and Brock Street, London, will occupy three buildings, including P2 on Lewis Cubitt Square and 11 and 21 Canal Reach. The new offices are expected to open in 2021. The purchase price was not disclosed.
11 and 21 Canal Reach have been designed by architects Bennetts Associates and have detailed planning permission, featuring ten and twelve floors of modern Grade A office space totalling 415,000ft². With expansive double-height receptions and 42,000ft² of landscaped roof gardens and terraces, the buildings located in the ‘Western Yards’ of King’s Cross offer their users uninterrupted views over Central London.
P2 is designed by Allford Hall Monaghan Morris (AHMM) and will provide nine floors of office space (196,000ft²), alongside a new theatre, a fifth-floor wraparound terrace and retail space at ground level.
The deal comes just weeks after Samsung Electronics announced an agreement to open ‘Samsung KX LDN’, a 20,000ft² showcase space at Coal Drops Yard, the new Heatherwick Studio-designed shopping and lifestyle district in King’s Cross, in October. The company will join a host of tenants including Google, Universal Music, Havas, Louis Vuitton and many more.
Speaking about the deal, Will Colthorpe, Partner at KCCLP commented: “We are thrilled that Facebook will be coming to King’s Cross and has chosen to expand its business here. This deal cements King’s Cross’ reputation as one of the UK’s leading tech destinations. It is a very exciting time for King’s Cross. Retail centrepiece Coal Drops Yard opens to the public in October, and ten years after first breaking ground on the development, some of the world’s biggest brands now call this their home.”
Rob Cookson, Head of Global Real Estate at Facebook, said: “The UK is one of the best places in the world to be a technology company, and Facebook has benefitted from that since we arrived in 2007. Our base in London has grown from four people to become our biggest engineering hub outside of the US, and by the end of this year, 2,300 people will be working for Facebook in the UK. London is home to teams that build some of Facebook’s significant global products like Workplace, social VR applications for Oculus, and the tools that protect our community around the world. We chose King’s Cross because it has considerable expansion opportunities, great transportation access, and is part of a vibrant community.”
Speaking about the announcement, The Mayor of London, Sadiq Khan said: “This investment is great news for the capital. We welcome Facebook’s long-term commitment, which is further evidence that London is open for business and a world-leading destination for major tech companies.”