Snapchat To S.F.?
The Venice Beach-based company is reportedly looking for S.F. offices, according to Re/Code. Speculation has it this would help the unicorn draw Silicon Valley techies without asking workers to move south to Los Angeles. Snapchat has offices in Seattle, New York and London. That's CEO Evan Spiegel above.
Brokers and developers would welcome a large-space lease from a well-funded company such as Snapchat since the office market has cooled in San Francisco. Boston Properties president Doug Linde noted the trend in an Q1 earnings call last week. Since VCs have pulled back in recent months, startups are placing more emphasis on profitability than hypergrowth. A deep-pocketed Snapchat could afford a multi-floor lease in the city. [RC]