Tishman Lists Meta Offices in Los Angeles for Lease

Tishman Speyer is looking to fill office space abandoned by Meta in Los Angeles.

The New York-based real estate firm has begun marketing 182,120 square feet for lease at 12105 West Waterfront Drive in Playa Vista’s Brickyard office complex, CoStar reported. Meta has been cutting down its footprint at Brickyard over the past few years, and Tishman is reportedly marketing the space in anticipation of the end of Meta’s lease at the end of next year.

Meta listed a majority of its space at the Playa Vista building for sublease early last year but has yet to find a subtenant, according to CoStar. But a source familiar with Meta’s real estate said the company has signed an agreement to extend 49 percent of its existing footprint in Playa Vista through 2034. This consists of 100 percent of its space at 12126 Waterfront and 20 percent of its space at 12105 Waterfront.

Meta’s offices are in two buildings that make up the more than 437,725-square-foot Brickyard complex. Meta, back when it was named Facebook, signed a lease to take over the entirety of both buildings in late 2018. At the time, the Menlo Park, California-based corporation was among the global tech companies growing its real estate holdings before the pandemic led companies around the world to reconsider how much office space they occupied.

So far this year, Meta has listed for sublease one of its two Seattle office buildings it had pre-leased before the pandemic, according to CoStar. The company also notified employees at its Fremont, California, campus that it would be closing several offices and consolidating its regional workforce in a move “to optimize [its] space usage.” It’s also looking to offload more than 500,000 square feet of offices in three redeveloped office buildings in Burlingame; the company has leased the space through 2039, per CoStar.

The Greater Los Angeles office market is continuing its long road to post-pandemic recovery; the region had an office vacancy rate of 24.1 percent last quarter, according to Cushman & Wakefield, above the national average of 18.4 percent in Colliers’ Q2 report.

— Chris Malone Méndez

Correction: This story has been edited to reflect that Meta has signed an agreement to extend 49 percent of its existing footprint in Playa Vista.