Meta is moving out of two of its fancy New York offices as Mark Zuckerberg's cost-cutting measures continue
- Meta is not renewing its leases of two office spaces in New York's posh Hudson Yards.
- The move is part of Meta's plans to cut costs after reducing its workforce with mass layoffs.
Meta is moving out of two of its offices located in Manhattan's luxury Hudson Yards.
The social media giant is not renewing its leases at 30 and 55 Hudson Yards, the company confirmed to Insider. The current leases, which include more than 250,000 square feet across the two buildings, run through 2024, according to Bloomberg.
Meta's move to return its office space is part of CEO Mark Zuckerberg's plan to cut costs. Last month, the company conducted mass layoffs after seeing slower revenue growth this year, Insider reported, and in October, Meta ended its lease for an office at 225 Park Avenue South in Manhattan, the company confirmed.
"The past few years have brought new possibilities around the role of the office," Meta spokesperson Tracy Clayton told Insider. "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."
During a third-quarter earnings call in October, David Wehner, Meta's chief financial officer, said that it had a $413 impairment loss for some operating leases, Insider reported. Wehner added that Meta will spend $2 billion on consolidating its office workspace next year.
"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," Clayton said.
30 Hudson Yards is a glass skyscraper over 100 stories high, with outdoor terraces and panoramic views of the Hudson River. It houses office space for companies such CNN, HBO, and Warner Media. The slightly smaller 55 Hudson Yards features a modern exterior with floor to ceiling windows for natural sunlight which houses tech companies, financial services providers, and even a health center.
Meta will keep its office space at 50 Hudson Yards. The office, which is not yet open, is estimated to open next year, Clayton told Insider, and the company will be subleasing a small portion of it.
Meta will also keep the office space it leased in 2020 at the James A. Farley Building in midtown Manhattan.
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