May 24, 2024

Meta has paid dearly to get out of a lease for London places of work, spending roughly $181 million to exit the 20-year settlement.

In line with The Register, Meta leased the workplace pre-COVID. For the reason that pandemic, nonetheless, the places of work have remained empty as workers labored from dwelling. The termination payment is roughly equal to seven years of lease on the location.

Regardless of taking such drastic motion, Meta advised The Register it stays dedicated to its London presence.

“The previous few years have introduced new prospects across the function of the workplace, and we’re prioritising making targeted, balanced investments to help out most strategic long-term priorities and prepared the ground in creating the office of the long run,” the corporate stated.

“We stay absolutely dedicated to London, as evident by the current opening of our King’s Cross workplace additional anchoring our native footprint.”