Buildings in Hudson Yards from a brand new Meta workplace area within the Farley Building in New York, U.S., on Wednesday Sept. 29, 2021.
Amir Hamia | Bloomberg | Getty Images
Meta is scaling again its presence at a primary New York City location because the social media big tries to scale back its prices to work by way of a slowing on-line advert market.
The firm stated Wednesday it’s subleasing a “small portion” of its services at 50 Hudson Yards, one in every of New York’s largest business towers. Meta accomplished a lease with Hudson Yards in 2019 for greater than 1.5 million sq. ft of workplace area, which included three Hudson Yards buildings.
Bloomberg News earlier reported that Meta was decreasing its footprint at Hudson Yards, ensuing within the firm giving again some workplace area at 30 and 55 Hudson Yards to the owner Related Cos. The report stated Meta now leases over 250,000 sq. ft of area throughout two Hudson Yards towers.
“The past few years have brought new possibilities around the role of the office, and we are prioritizing making focused, balanced investments to support our most strategic long-term priorities and lead the way in creating the workplace of the future,” a Meta spokesperson informed CNBC in an e-mail. “Our aim is to build a best-in-class remote work experience to help everyone do the best work of their careers no matter where they are.”
The spokesperson stated Meta is “firmly committed to New York City as evidenced by the recent opening of the Farley building, and 50 Hudson Yards, which is estimated to open next year, further anchoring our local footprint.”
In October, Meta issued a weaker-than-expected forecast for the fourth quarter and indicated that income will drop for the third straight interval. The firm has misplaced two-thirds of its worth this yr.
Meta stated earlier this month that it was shedding over 11,000 staff, which represents 13% of its total workforce. CEO Mark Zuckerberg stated on the time that the corporate is “taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.”
