Snapchat Stays in Venice Office Longer Than 10 Seconds
This story first appeared in the Feb. 7 issue of The Hollywood Reporter magazine.
Snapchat is laying down roots in Los Angeles.
Last year, the fast-rising photo messaging service (which turned down a $3 billion cash buyout offer from Facebook in November) signed leases on 6,000 square feet of office space on Market Street in Venice. Now the company has leased an additional 3,940 square feet on the same side of the street, according to sources close to the deal.
The two-story building, built in 1922 and located just a block from the beach, is owned by producer-director Tony Bill, who is said to originally have purchased the property back in the 1970s with earnings from The Sting, for which he shared a best picture Oscar with Michael and Julia Phillips. The ground floor of the building was an Aardvarks vintage clothing store until 2010 and, more recently, an art gallery.
The deal isn't the only way Snapchat is increasing its Venice footprint: In addition to the company's expanding Market Street presence, co-founder Bobby Murphy, 25, purchased a two-bedroom, Larry Scarpa-designed home nearby for $2.1 million in December. Bill and Snapchat did not return calls for comment.