Movement

The news that Facebook is hiring an additional 500 staff for its UK operation comes ahead of a move to new accommodation, in One Rathbone Square, W1.

The social media giant has taken all available office space in the development, and wants to convert some of the ground floor retail areas for its own use, subject to planning permission. The office deal gives . Facebook 227,324 sq ft for 15 years at an initial rent of £16.9m a year, after receiving 30 months rent free. There's no break clause.

Rathbone Square was designed by Make Architects for developers Great Portland Estates from old Post Office buildings - it's a short stroll from the emerging Crossrail mega-hub at Tottenham Court Road. Facebook have a hedge for further expansion, with options on more office space at Dean St and along Oxford Street.

Most of Facebook's London staff are currently north of Warren Street, along the Euston Road, with some still in rented space closer to the BBC. A move to the eastern side of Fitzrovia would take some pressure off the BBC's favoured eateries and places of liquid refreshment, and perhaps result in fewer beards in the area.