TikTok’s long-awaited and much-anticipated move into the Sorting Office in Dublin’s south docklands is expected to take place shortly. Having agreed terms to lease the entire 202,000sq ft (18,766sq m) property earlier this year, the company is said by market sources to have formally signed the deal with the building’s owners, Mapletree Investments, last weekend. The Chinese-headquartered social media giant has agreed to occupy the property on the basis of a 15-year lease with 10 years’ term-certain and a rent-free period of about 18 months. The rental level agreed for the office scheme is understood to be between €55 and €60 per square foot.
While the completion of the Sorting Office deal provides a significant boost for the Dublin office market as it approaches year-end, it represents just the first step in TikTok’s medium to long-term plan to grow its workforce here to 5,000. Having secured sufficient space to accommodate about 2,000 of those personnel at the Sorting Office, the company has moved to the next stage of its office search in Dublin’s docklands.
The Marlet Property Group’s 177,000sq ft Shipping Office scheme on Sir John Rogerson’s Quay and Bartra’s 200,000sq ft Boston Sidings development at Grand Canal Quay are understood to be two of the locations up for consideration.