TikTok, the reigning titan among social media platforms, is taking a bold step to enhance its presence in Los Angeles County. The parent company of TikTok, ByteDance, is making waves with its latest expansion moves in Culver City. A recent market report from brokerage Savills reveals that ByteDance is set to take more than 143,000 square feet of additional office space within the city.
The company is currently located at C3 at Culver Pointe, a seven-story, 281,400 square foot office complex located at 5800 Bristol Parkway and owned by IDS Real Estate. In August, it was reported that ByteDance is expanding its existing lease by 53,202 square feet, bringing their total space at the building to 172,202 square feet.
ByteDance is also poised to take over 90,049 square feet through a sublease arrangement at 900 Corporate Pointe, situated just around the corner. This property is owned by Northwood Investors and has been previously rented to Gen Digital.
ByteDance’s sublease deal ranked as the fourth-largest office signing in Los Angeles during the third quarter, while its expansion stood as the seventh-largest, according to the report from Savills.
Despite a generally quieter market, the Los Angeles region reported nearly 3 million square feet of office leasing activity in the quarter, showing an improvement from the previous quarter’s 2.4 million square feet. However, activity is still below the 3.1 million square feet that was reported in the third quarter of 2022. Sublease space availability was recorded at 10.8 million square feet, according to the report, an increase by 1.2 million square feet from the same time last year.
