Meta Platforms Inc. decided not to occupy part of its recently completed European headquarters in Dublin and will sublet some of the development.
(Bloomberg) — Meta Platforms Inc. decided not to occupy part of its recently completed European headquarters in Dublin and will sublet some of the development.
“As part of the ongoing review of our sites globally, we have decided to sublet the final phase of the Ballsbridge campus,” a Meta spokesperson said by email on Thursday.
Facebook’s parent company signed a 25-year lease on Fibonacci Square, a 375,000-square-foot (34,800-square-meter) office in Dublin, in 2018. Meta has instructed its agent, Cushman & Wakefield Plc, to sublet newly developed blocks to other occupiers, according to a person familiar with the matter, who asked not to be identified because the matter is sensitive.
A representative for the real estate firm declined to comment.
The news follows the firm’s announcement last month that it’s slashing more than 11,000 jobs, the first major round of layoffs in the social-media company’s history. Meta is one of several big international tech companies that have their European headquarters in Ireland. Irish staff have also recently been cut at firms including Twitter Inc. and Stripe Inc.
Read More: Ireland’s Financial Blind Spot Hit by Mass Tech Job Cuts
Meta said it remains “firmly committed to Ireland” and employees from its current Dublin base will move to the existing part of its new campus in early 2023. The development in the south of the city “will be the primary location of our International HQ,” the spokesperson said.
The Irish Times reported Meta’s decision to sublet part of the development earlier.
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