Facebook shares news: Social media giant to double London office presence

Facebook shares ended higher Friday ahead of news the social media giant has agreed a deal on 600,000 square feet of office space in London's Kings Cross area.

Facebook shares news: Social media giant to double London office presence

Facebook shares closed higher in the US Friday, ahead of news the tech giant is set to double its London office presence after signing a deal for almost 600,000 square feet of office space in two buildings, in London’s Kings Cross area.

Facebook shares ended the US Friday session 0.89% higher at $209.94. The stock is also in the green in pre-market activity.

Facebook’s London plans

A statement shared with news outlets Monday, confirmed the social media firm’s plans to increase its presence in London. The deal has been under negotiation for some time. However, details show that the office space Facebook has secured could house up to 6,000 separate work stations.

“The UK is one of the best places in the world to be a technology company and we’re investing here for the long term,” said Facebook’s managing director for Northern Europe, Steve Hatch.

“Many of Facebook’s most significant global products, from Workplace to social VR applications for Oculus, were developed right here in London, now our biggest engineering base outside the US,” Hatch added.

He also reconfirmed the business’s commitment to add employ over 2,300 staff in the UK by the end of the year.

“Today’s news reflects our commitment to the UK,” he said.

London mayor upbeat on Facebook office plans

London’s mayor Sadiq Khan also shared his pleasure at the Facebook news.

“This investment is great news. We welcome Facebook’s long-term commitment, which is further evidence that London is open for business and a world-leading destination for major tech companies,” Khan said.

Facebook’s decision to secure more office space in England’s capital city, follows the addition of 800 staff during 2017. It also brings some much-needed support for the British economy amid growing Brexit-related uncertainty.

No details have been shared yet, over how many staff Facebook plans to employ to fill its Kings Cross office space.

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