{"id":519014,"date":"2022-11-30T23:41:41","date_gmt":"2022-11-30T20:41:41","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/meta-ditches-office-space-at-hudson-yards-as-tech-giant-cuts-costs\/"},"modified":"2022-11-30T23:41:41","modified_gmt":"2022-11-30T20:41:41","slug":"meta-ditches-office-space-at-hudson-yards-as-tech-giant-cuts-costs","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/meta-ditches-office-space-at-hudson-yards-as-tech-giant-cuts-costs\/","title":{"rendered":"#Meta ditches office space at Hudson Yards as tech giant cuts costs"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3cc57a90c0a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3cc57a90c0a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/meta-ditches-office-space-at-hudson-yards-as-tech-giant-cuts-costs\/#%E2%80%9CMeta_ditches_office_space_at_Hudson_Yards_as_tech_giant_cuts_costs%E2%80%9D\" >&#8220;Meta ditches office space at Hudson Yards as tech giant cuts costs&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CMeta_ditches_office_space_at_Hudson_Yards_as_tech_giant_cuts_costs%E2%80%9D\"><\/span>&#8220;Meta ditches office space at Hudson Yards as tech giant cuts costs&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Facebook<\/a>\u2019s parent company Meta is ditching office space that it rented out at the Hudson Yards complex in New York City \u2014 the latest sign of belt-tightening at the Silicon Valley-based tech giant that recently laid off thousands of employees.<\/p>\n<p>Meta will vacate 250,000 square feet of office space at 30 and 55 Hudson Yards, though it will maintain the bulk of its footprint \u2014 some 1.2 million square feet \u2014 at the unfinished 50 Hudson Yards, a source familiar with the matter told The Post. <\/p>\n<p>Meta has notified the building\u2019s landlord, Related Cos., of its plans not to renew its lease at 30 and 55 Hudson Yards at the end of 2024.<\/p>\n<p>Meta told investors last month that it expects to take a $2 billion charge in consolidating its office space.<\/p>\n<p>The company rented out the office space at 30 and 55 Hudson Yards \u2014 intending it to be \u201cswing space,\u201d or a temporary office that it would use before moving into its long-term address at 50 Hudson Yards.<\/p>\n<p>\u201cWe remain 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,\u201d Tracy Clayton, a spokesperson for Meta, told The Post on Wednesday.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"697\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/meta-hudson-yards-021.jpg?w=1024\" alt=\"TOPSHOT - Hudson Yards in midtown New York City is pictured December 4, 2018. - Hudson Yards is the largest private real estate development in the history of the United States and the largest development in New York City since Rockefeller Center. (Photo by TIMOTHY A. CLARY \/ AFP) (Photo credit should read TIMOTHY A. CLARY\/AFP via Getty Images)\" class=\"wp-image-24844313\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/meta-hudson-yards-021.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/meta-hudson-yards-021.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/meta-hudson-yards-021.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Meta will vacate 250,000 square feet of office space at 30 and 55 Hudson Yards, though it will maintain some 1.2 million square feet at the unfinished 50 Hudson Yards.<\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>The Post has reached out to Related Cos. seeking comment.<\/p>\n<p>In 2019, Meta, which at that time was still known as Facebook, signed a lease to rent out more than 1.5 million square feet of office space at three towers in Hudson Yards.<\/p>\n<p>Most of the space was at 50 Hudson Yards, where Meta is subleasing a portion of its footprint, Clayton told The Post, confirming an item that was first reported by Bloomberg.<\/p>\n<p>The downsizing comes on the heels of Meta CEO Mark Zuckerberg announcing the company will shed 11,000 jobs \u2014 or roughly 13% of the 87,000-strong workforce \u2014 due to fierce economic headwinds.<\/p>\n<p>Meta\u2019s stock price has fallen by more than 65% in the past year \u2014 a six-year low. <\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>In its most recent earnings report, Meta said\u00a0revenue dropped for the second consecutive quarter\u00a0as the company struggles with falling advertising sales due to stiff competition from rising social media <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> TikTok.<\/p>\n<p>The Menlo Park, Calif.-company earned $4.4 billion, or $1.64 per share, in the three-month period that ended Sept. 30. That\u2019s down 52% from $9.19 billion, or $3.22 per share, in the same period a year earlier.<\/p>\n<p>Revenue fell 4% to $27.71 billion from $29.01 billion, slightly higher than the $27.4 billion that analysts had predicted.<\/p>\n<p>Zuckerberg has come under fire from Wall Street as investors have grown bearish on the company\u2019s multibillion-dollar bet on its metaverse project.<\/p>\n<p>Before the recent downturn, Meta expanded its real estate footprint in New York City in anticipation of bringing back its employees to the office en masse.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"621\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/meta-hudson-yards-022.jpg?w=1024\" alt=\"Facebook CEO Mark Zuckerberg speaks during a live-streamed virtual and augmented reality conference to announce the rebrand of Facebook as Meta, in this screen grab taken from a video released October 28, 2021. Facebook\/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. NO RESALES. NO ARCHIVES. MANDATORY CREDIT\" class=\"wp-image-24844307\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/meta-hudson-yards-022.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/meta-hudson-yards-022.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/meta-hudson-yards-022.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The downsizing comes on the heels of Meta CEO Mark Zuckerberg announcing it will shed 11,000 jobs, roughly 13% of its 87,000-strong workforce.<\/figcaption><figcaption><span class=\"credit\">VIA REUTERS<\/span><\/figcaption><\/figure>\n<p>In August 2020, it leased 720,000 square feet at Vornado\u2019s Farley Building.<\/p>\n<p>While Meta is shrinking its presence in the Big Apple, its tech rival, Google, is doubling down on its strategy of boosting its footprint in the area in hopes of attracting talent.<\/p>\n<p>Sundar Pichai, the CEO of Google\u2019s parent company Alphabet Inc., <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.crainsnewyork.com\/technology\/google-ceo-long-term-bullish-nyc-other-tech-firms-retreat\">told Crain\u2019s New York Business<\/a> that he was \u201cpersonally long-term bullish on our growth in New York as a company.\u201d<\/p>\n<p>Pichai has put his money where his mouth is. Last year, Google\u00a0announced it was buying the St. John\u2019s Terminal building\u00a0at West Houston Street near the Hudson River for a whopping $2.1 billion.<\/p>\n<p>Pichai told Crain\u2019s that Google plans to open offices at the location by the middle of next year.<\/p>\n<p>Google is also developing two other sites in the Hudson Square section of Manhattan. Altogether, the three buildings will comprise a campus totaling 1.7 million square feet.<\/p>\n<p>Earlier this year, Google\u00a0unveiled a new campus on Pier 57\u00a0that will include office space in three buildings.<\/p>\n<p>As of last September, Google employed 12,000 people in the city. The company said it aims to increase that number by 2,000 employees in the coming years.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Meta will vacate&#8230;<\/p>\n","protected":false},"author":1,"featured_media":519015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/meta-hudson-yards-comp-1.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[122306,136427,71767,72881,4974,26293,5077,4953],"class_list":["post-519014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-meta","tag-11-30-22","tag-alphabet-inc","tag-commercial-real-estate","tag-facebook","tag-google","tag-mark-zuckerberg","tag-new-york-city"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/519014","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=519014"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/519014\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/519015"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=519014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=519014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=519014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}