Snap Inc. shares rallied 1.23% to $68.49 Friday. This proved to be an all-around favorable trading session for the stock market, with the NASDAQ Composite Index COMP rising 0.81% to 14,639.33 and the Dow Jones Industrial Average DJIA rising 0.44% to 34,786.35.
Snap Inc. closed $5.10 below its 52-week high ($73.59), which the company reached on February 24th. The stock demonstrated a mixed performance when compared to some of its competitors Friday, as Apple Inc. AAPL rose 1.96% to $139.96, Twitter Inc. TWTR rose 1.60% to $69.20, and Facebook Inc. Cl A FB rose 0.09% to $354.70.Snap Inc Trading volume (10.7 M) remained 10.5 million below its 50-day average volume of 21.2 M.
Snap Inc. added 140,000 square feet to its footprint at the 1-million-square-foot campus at 2850-4320 Ocean Park Boulevard, according to the Commercial Observer. That is a roughly 46% expansion from Snap’s existing 300,000-square-foot lease that it signed in 2016.Part of that lease included an agreement with previous landlord Blackstone to add about 100,000 square feet as other companies vacated the complex. Boston Properties bought the property in 2018 for $616 million. Video game giant Activision Blizzard vacated its 214,900-square-foot space at Santa Monica Business Park earlier this year as its 10-year lease expired.
Snap’s lease at Santa Monica Business Park was meant to consolidate a workforce scattered at small office spaces across Venice Beach. At one point in about 2018, Snap had 163,000 square feet of leases at 14 sites in the neighbourhood. The company put about half of that up for sublease that year, and by early 2019 the company had leased out about 20 per cent of it.Among those properties is Silver Creek Development’s five-building complex on Venice Boulevard. Snap signed an 11-year lease at the property in 2015. Last week, news broke that Silver Creek refinanced the property with $34 million in debt from Bridge Investment Group and Rialto Capital Management.