Social Media Giant Looks To Sublease Chunk Of London HQ
X, the social media company previously known as Twitter, is in talks to sublease around two-thirds of its London headquarters.
Elon Musk’s X has appointed JLL to advise it on an office relocation and is in talks to lease 51K SF of its 84K SF London office at 20 Air Street in the West End to an unnamed occupier, CoStar reported.
X aims to sublease 31K SF on the third floor and 25K SF on the sixth. The same occupier is also in talks to take 27K SF on the fourth floor, which is being leased directly by the building’s owner, the Crown Estate.
Earlier this year, the Crown Estate, which manages the property assets of the British crown, filed a legal claim against X over unpaid rent after it cut staff and pulled back on space following Musk’s takeover of the company. The dispute has now been settled.
That leaves X marketing 33K SF at 20 Air Street. CoStar previously reported that it could retain about 20K SF at 20 Air Street or relocate entirely.
The circumstances are different, but another social media company is also cutting its office footprint in London. Last week, Meta, the parent company of Facebook, paid British Land £149M to terminate a lease early on 310K SF it was previously occupying at the Regent’s Place development near Euston station.
Meta leases about 610K SF of office space in nearby King’s Cross.