Meta Re-Evaluating Office Footprint as Part of a Series of Planned Cost-Cutting Measures

Following a 3rd quarter 2022 revenue decline, the parent company of Facebook, Instagram and WhatsApp is re-evaluating its office footprint as part of planned cost-cutting measures that are expected to lead to incremental costs of more than $3 billion in the near term. Recently released updated financial information indicated that Meta’s “market cap—the total value of its publicly traded shares—is down by more than $700 billion since it briefly topped the $1 trillion mark about 16 months ago.” The termination of the company’s office leases during the 3rd quarter, including at 225 Park Avenue South, has already cost Meta $413 million. Other actions previously taken include halting plans for a 300,000-square-foot expansion at 770 Broadway and pausing build-out plans of office space at Hudson Yards.