Facebook parent company Meta has paid £149 million to end a lease contract for the 1 Triton Square office building owned by British Land in London. The move shows that big tech companies are looking to lease less office space as employees adopt the hybrid work system, FT.com reports.
Meta had another 18 years on its lease and paid the equivalent of about seven years of rent to exit the contract, according to BNP Paribas Exane analysts.
The latest decision comes after Meta terminated leases in New York in 2022 and put on hold a plan to expand in Texas.
Meta had around 86,000 employees at the end of 2022 and went through two rounds of layoffs that cut its headcount by around 21,000 people, according to npr.org.
