Derwent London has signed online clothing marketplace Depop at its refurbished office building, at 20 Farringdon Road, EC1.
The tech company has signed for the 33,500 sq ft second floor of the building on a five-year lease. This new base will be more than double the floorspace of its existing office in Shoreditch.
The corner block, built in 2002 and bought by Derwent London for £88m in 2015, is opposite Farringdon station. It was refurbished in 2016, and contains 142,800 sq ft of offices, 1,200 sq ft of retail, and a 22,300 sq ft gym across six stories.
The area has attracted significant interest among tech occupiers in recent months, with Snapchat and TikTok also setting up shop nearby. 20 Farringdon also sits adjacent to the new Crossrail station in the area, which is set to open next year.
Depop has undergone a period of dramatic growth since Covid-19 struck, prompting US online retail giant Etsy to buy the company last month for £1.1bn in a bid to tap into the Generation Z clothing resale market.
More than 90% of Depop’s 30m users are under the age of 26, and Depop was the 10th most visited shopping site among Generation Z consumers in the US last year, Etsy said.
Subsequently, Depop’s current 16,000 sq ft office on Curtain Street, EC2, has been deemed too small by directors. As a result, it hired agency Making Moves to help it find a new base, and settled on 20 Farringdon Road earlier this year as revealed by EG.
It is unclear what rent per sq ft Depop has agreed to pay on the space. Prime rents in the area are usually around £75 per sq ft, according to JLL.
Compton acted on behalf of Derwent London. All parties declined to comment.
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