September 25, 2022 #1 Local News, Forum, Information and Event Source for Venice Beach, California.

Snap Reducing Real Estate Investments And Laying Off 20% Of Its Workforce

Will Venice Area Office Space Be Affected?

By Dolores Quintana

While other companies were subleasing their rental office space during the pandemic, Snap, the parent company of Snapchat, did not and, in fact, picked up more space instead. At the end of 2021, Snap had 1.4 million square feet of office space according to an analysis done by The Real Deal.com.

As of August 31, Snap had made the decision to fire 20% of its employees, 1,300 people, and divest itself of some of its real estate holdings per a presentation given to Snap’s investors as reported by The Real Deal. com.

Snap was previously based in Venice but has since moved its headquarters to Santa Monica and ended its lease to that Venice headquarters space of 27,000 square feet. According to The Real Deal, sources say that none of the rest of Snap’s real estate investments have been subleased including an additional 163,000 square feet of office space located in Santa Monica and the remainder of their office space in the city of Venice or the primary 440,000 square feet of office space at 2850 Ocean Park Boulevard in Santa Monica.

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