TikTok’s China-based parent company, ByteDance, has signed a lease for around 50K SF at Signal House, a new office building near Union Market in Northeast D.C., multiple sources tell Bisnow.
Carr Properties speculatively developed the 215K SF Signal House at 1255 Union St. NE and finished construction this year without a signed lease before securing TikTok as an anchor. Sources tell Bisnow TikTok is taking the first two floors of office space and a portion of the ground-floor retail space, and the lease term is at least 10 years.
TikTok, a video-based social media app that is especially popular among young people, has grown rapidly in recent years. The company announced in September it surpassed 1 billion monthly users, up from 507 million in December 2019 and 55 million in January 2018, CNBC reported.
The space could be used for a TikTok Transparency Center in D.C., which the company announced plans to open in a June 2020 blog post after previously announcing a similar facility in Los Angeles. In a September 2020 blog post that referred to the facilities as “Transparency and Accountability Centers,” TikTok said it has evolved its plans to offer a virtual experience until it can open the physical locations. It hasn’t said when the physical locations would open or where D.C.’s facility would be located.
Click here to read the rest of the article written by Jon Banister over at Bis Now
