Meta Platforms, the parent company of Facebook, has reportedly scaled back its office real estate in London by surrendering a lease on a building located at 1 Triton Square, between Euston Train Station and Regent’s Park. British Land, the UK’s largest property development firm, confirmed this in a business update.

Despite expanding its real estate during the Covid-19 pandemic, Meta has been undergoing an efficiency drive, contending with challenges such as a slump in digital ads and significant investments in the Metaverse.

This move comes after Meta’s announcement in 2022 of cutting 13% of its workforce and a further reduction of 10,000 positions in March 2023.