Company scales back space as more employees work from home
Colm Lauder, real estate analyst at Goodbody, estimated Meta was now proposing to sublet or surrender close to 1mn sq ft of office space in Europe, mostly in London and Dublin.
Meta had another 18 years on its lease and paid the equivalent of about seven years of rent to get out of the obligation, according to BNP Paribas Exane analysts, which could allow British Land to re-let the property at a higher rent.The Facebook owner’s move gives British Land a cash injection. Chief executive Simon Carter said it “enables us to accelerate our plans to reposition” the office estate near Regent’s Park as a location for life sciences companies.
In December last year, Meta said it would not occupy the building and instead sublet the space. The company still has a second British Land office building nearby, at 10 Brock Street, and recently took all 10 floors.
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