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Meta is downsizing at New York location it opened

is scaling back its presence at a prime New York City location as the social media giant tries to reduce its costs to work through a slowing online ad market.

The company said Wednesday it is subleasing a “small portion” of its facilities at 50 Hudson Yards, one of New York’s largest commercial towers. Meta completed a  with Hudson Yards in 2019 for more than 1.5 million square feet of office space, which included three Hudson Yards building.


Bloomberg News earlier  that Meta was reducing its footprint at Hudson Yards, resulting in the company giving back some office space at 30 and 55 Hudson Yards to the landlord Related Cos. The report said Meta now leases over 250,000 square feet of space across two Hudson Yards towers.

“The past few years have brought new possibilities around the role of the office, and we are prioritizing making focused, balanced investments to support our most strategic long-term priorities and lead the way in creating the workplace of the future,” a Meta spokesperson told CNBC in an email. “Our aim is to build a best-in-class remote work experience to help everyone do the best work of their careers no matter where they are.”

The spokesperson said Meta is “firmly committed to New York City as evidenced by the recent opening of the Farley building, and 50 Hudson Yards, which is estimated to open next year, further anchoring our local footprint.”

In October, Meta issued a  for the fourth quarter and indicated that revenue will drop for the third straight period. The company has lost two-thirds of its value this year.

Meta said earlier this month that it was laying off over 11,000 workers, which represents 13% of its overall workforce. CEO mark said at the time that the company is “taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.”

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