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Facebook has put a large office space in Los Angeles’ Silicon Beach on the subleasing market as big tech companies reduce their sizes and footprints.
The social media giant has made available more than 130,000 square feet at Tishman Speyer’s Brickyard campus in the tech-heavy Playa Vista submarket. Representatives for Facebook parent company Meta confirmed to Commercial Observer the company is subleasing the space as part of its office consolidation, but added it is not leaving Los Angeles.
Representatives for Tishman Speyer declined requests for comment or additional information. CoStar first reported the space being available for sublease.
Major tech and media companies are cutting back on both employees and office space. Meta cut thousands of employees in 2022 and 2023 and spent billions of dollars reducing its office footprint. In L.A., more than 15 percent of the available sublease space as of the third quarter of 2023 was from tech companies, according to data from Savills.
Facebook finalized the lease for 260,000 square feet of office space in two buildings at the Brickyard at 12105 West Waterfront Drive in 2018. Rent reportedly was $67.80 per square foot at the time, putting the value of the deal at over $17.6 million per year. Facebook then expanded by another 84,600 square feet in 2020.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
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