Reddit has just leased a bunch of new office space at 1455 Market Street, a.k.a. the building where Square and Uber both occupy a fair amount of square footage.
As the SF Business Times reports, Reddit has inked a deal for 78,000 square feet at the building, shifting its headquarters from 420 Taylor Street in the Tenderloin, where the company currently resides. Meanwhile, Reddit has 67 new job postings on LinkedIn and appears to be in expansion mode.
1455 Market Street has been Uber's global headquarters for a number of years, though the company plans to move staff into new buildings at the Chase Center any day now — if the move hasn't begun already. Square, meanwhile, takes up about half of the 1 million-square-foot building, with a lease on 469,000 square feet.
The news of Reddit's move comes in a year when the company is valued at $3 billion, and when its advertising revenue is expected to top $100 million for the first time. The OG social media site, which is fashioned after old-timey message boards, has become a hub for discussions both nerdy and political, and it managed to weather the abuse and sexism troll storms of 2015 and come out the other side as a stable, enormous platform with 330 million active monthly users. The site has been owned by Conde Nast since 2006.
As CBRE research director Colin Yasukochi tells the Business Times, "A lot of times tech-firm growth is harder to predict and tech companies would like more short-term options" when it comes to real estate. But in a tight market, it’s hard to do that."
It looks like Reddit lucked out, though it was likely at a steep price.