Facebook (NASDAQ:FB.) is moving its London-based head office to the West End with the help of UK property owner Great Portland Estates (LON:GPOR).
The social media giant has rented out the office space of Great Portland’s development at Rathbone Square, near Tottenham Court Road tube station.
Facebook signed a 15 year deal, worth an initial rent of £16.9mln, for 227,324 square feet of office space.
It will receive 30 months rent-free once the offices are completed and has signed a conditional agreement to rent a further 15,461 square feet if Great Portland gains planning permission to convert the space from retail to office.
GPE acquired the site from Royal Mail Group in September 2011 and achieved planning approval to turn it into office space in October 2013.
Neil Thompson, portfolio director, said: "We are delighted to welcome Facebook into the GPE portfolio and we look forward to providing them with a world class London headquarters in this outstanding development.”