After its deal to lease a new office in the Fulton Market District fell through, social media app company Snap has set its sights on another building in the West Loop with even more space.
The Santa Monica, Calif.-based company, best known for its Snapchat app, is close to finalizing a deal for roughly 38,000 square feet (3,530 square meters) at 800 W. Fulton St., according to sources familiar with the negotiations. The company would occupy the third floor of the 19-story building, which was completed last year by New York-based developer Thor Equities.
The new space would be larger than the roughly 25,000 square feet (2,322 square meters) of workspace Snap was in advanced talks to lease nearby last year at 167 N. Green St., a deal that would have also come with a private rooftop terrace. But that deal was never completed, and the space was recently leased instead by Builders Vision, billionaire Lukas Walton’s philanthropic and investment venture.
Snap is now poised to relocate its Chicago office to Thor’s building from River North, where it leases just 11,000 square feet (1,021 square meters) in a boutique office building at 648 N. Clark St.
For more on this story, go to Crain’s.