In response to the shifting landscape of the tech industry and the ongoing trend of remote work, Meta, formerly known as Facebook, has put a portion of its office space in Los Angeles’ Silicon Beach up for sublease. The move, part of Meta’s broader strategy of office consolidation, is reflective of a broader industry trend as major tech and media companies reassess their workforce and office space needs.
The subleased space, totaling more than 130,000 square feet, is located at Tishman Speyer’s Brickyard campus in Playa Vista, according to a report from Commercial Observer.
The Brickyard campus is located at 12105 West Waterfront Drive and consists of two buildings totaling 425,300 square feet. The project was completed in 2017 and was designed by Michael Maltzan Architecture.
Meta originally secured a lease for 260,000 square feet at the Brickyard in 2018, spanning two buildings at 12105 West Waterfront Drive. The reported rent at that time was $67.80 per square foot, resulting in a deal valued at over $17.6 million annually. The social media giant further expanded its presence in 2020 with an additional 84,600 square feet.
The decision to sublease comes in the wake of Meta’s significant restructuring efforts, including substantial employee layoffs in 2022 and 2023. The company has also invested billions in reducing its overall office footprint. At the end of 2022, the firm announced that it anticipated to spend around $2 billion, or roughly 2 percent of its entire expenses in 2023 to consolidate its office facilities across the globe, The Registry previously reported.
