Facebook parent Meta appears ready to unload up to 544,000 square feet of offices in the Bay Area.
The social media giant, based in Menlo Park, has listed 113,500 square feet at 6900 Dumbarton Circle in Fremont for sublease and plans to part with 430,000 square feet at 181 Fremont Street in San Francisco, the Silicon Valley Business Journal reported.
Meta has hired JLL to market the Fremont office, according to Costar, which first reported the listing.
The company, which occupies nearly 1.2 million square feet across two leases in San Francisco, could try to sublease or terminate its lease from Jay Paul on Fremont Street, unidentified local real estate insiders told the Business Journal. It has eight years left on its lease.
Meta is still weighing its options for its offices in San Francisco, a company spokesperson said. “We’re assessing our entire global real-estate footprint, and currently we have not made any decisions on 181 Fremont,” the unidentified representative said.
The decision to sublease its Fremont offices comes after Meta announced in October it expects to spend $3 billion next year to downsize offices as the company faces slowing demand for online ads.
In addition to shrinking its Bay Area footprint, the company has declined to renew its lease with landlord Related Companies for two office towers in Manhattan at 30 and 55 Hudson Yards.
Meta spent $413 million this quarter to terminate office leases, including at 225 Park Avenue South in Manhattan, and expects to spend $900 million this quarter to jettison leases.
— Dana Bartholomew
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