Twitter vs. Facebook: Social media giant backs out of Euston office deal
Social media giant Twitter has cancelled plans to take up occupancy in a Euston office space after rival Facebook announced its new offices would be located in the same building.
The Euston office building in question is Regent's Place - a noted hotspot for tech company clients. Twitter had planned to rent 18,000 square foot of space to house its London staff. A lease was signed earlier this year, but the company has since cancelled.
Whether Facebook's announcement had any bearing on Twitter's decision to cancel or not remains purely speculative, with other industry pundits pointing to Twitter's recent IPO success as another possible reason.
Shares in the company rose by more then 50 per cent in the first day of trading, leading many to believe the company's office space priorities have changed to facilitate growth. Insiders claim Twitter is searching for a space that's at least 50 per cent larger than the Regent's Place office, noting additional hires are a possible reason.
Other tech firms to have invested heavily in London office space include the search engine giant Google. The luxurious Google Kings Cross office building will include a climbing wall and rooftop garden, as well as a ‘ride-in’ employee bicycle parking centre.