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Meta Breaks Lease on 1 Triton Square

Meta Breaks Lease on 1 Triton Square
26 September 2023
 

Social media company Meta has paid £149 million to surrender its lease on its London office at 1 Triton Square.

Building owner British Land reported the news in its business update ahead of its half-year results in November, stating that: “Although this will result in a EPS dilution, post interest savings, of c.0.6p for the six months to March FY24 we are comfortable with current market expectations for FY24 due to better collection of historic COVID arrears than anticipated.”

In March 2023, Meta boss Mark Zuckerberg announced a series of cuts including reducing their team size by around 10,000 people and shrinking its real estate footprint, and this latest move appears to be a continuation of that strategy.

Analysts at BNP Paribas Exane told the Financial Times that Meta paid the equivalent of seven years of rent to get out of the remaining 18 years on its lease.

Simon Carter, CEO, said that the surrender would enable them to accelerate their “plans to reposition Regent’s Place as London’s premier Innovation and Life Sciences campus.”

1 Triton Square was British Land’s first BREEAM Outstanding building to be signed off at the design stage and reached practical completion in 2021.

Picture: a photograph of Mark Zuckerberg. Image Credit: Meta

Article written by Ella Tansley | Published 26 September 2023

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