Monday.com has taken 80,000 square feet on the top three floors of 1 Rathbone Square in Fitzrovia, CoStar News can reveal, in a move that means Facebook parent Meta has disposed of a large slice of the London West End headquarters space it recently vacated.
Meta confirmed earlier this year it was leaving its London West End headquarters at Rathbone Square, continuing a dramatic scaleback of its global office footprint. The building is owned by German investor Deka. Last year the social media giant paid British Land £149 million to break a lease at 1 Triton Square in London, a building it never occupied.
Monday.com, a multi-product platform that runs core aspects of work and that is advised by Savills, has now completed a deal to take 80,000 square feet of the Rathbone Square space.
Monday.com is based nearby at 20 Rathbone Place. The platform moved into 12,200 square feet owned by managed workspace specialist BE.Spoke in 2022 after it outgrew its space at Great Portland Street.
Meta leases all 272,443 square feet of office space at Rathbone Square, which was developed by GPE, on a lease running until 2032. It is understood that Meta is being advised by Cushman & Wakefield on the disposal of its lease and that there is strong interest in the remainder.
Andrew Barnes, a director in Savills’ central London tenant representation team, said: "We carried out a strategic review for monday.com with their current growth plans and we’re pleased to have secured this high quality fitted space at 1 Rathbone Square, which will accommodate ambitious growth plans. The central London office leasing market is performing well, but there is a shortage of Grade A space in a prime location with large floorplates the size that monday.com was looking for, so this is an excellent choice for them and we’re delighted to have been able to find them their new space."
The entire 419,700-square-foot mixed-use development at Rathbone Square was sold by GPE to Deka in 2017 for £435 million with a 15-year prelet in place with Facebook for the offices for an initial annual rent of £17.8 million.
Meta announced in December 2022 it was exiting close to 700,000 square feet of offices in London and Dublin as it pushed on with a major scaling-back of its giant global real estate portfolio.
In London, it decided not to move to the 310,000-square-foot office building at 1 Triton Square in Euston. Meta also decided against moving to Fibonacci Square, the 375,000-square-foot headquarters being developed for it by Johnny Ronan’s RGRE as part of its European headquarters campus in Ballsbridge, Dublin 4.
Monday.com allows users to create their own applications and project management software. The product was launched in 2014 and in July 2019 was valued at $1.9 billion. The company went public in June 2021 and is headquartered in Tel Aviv.
The letting is another boost for London's West End office market, and in particular offices developed close to Oxford Street. Last week accountancy and business advisory firm BDO confirmed it had signed a long-term lease for a 220,000-square-foot UK headquarters at The M Building, the makeover of the former Debenhams on Oxford Street in London's West End.