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Meta Has Bailed Out of Nearly 1 Million-SF of Austin Office Space
Bailing out on large leases has become all too common of late. Remote work and high interest rates have played havoc within the office sector.
Facebook parent company Meta Platforms is shedding another big chunk of Austin office space. It wants out of a 320,000 office building in The Domain in North Austin. The Austin Business Journal reports Meta has found a white knight. IBM is assuming the lease on the entire 320,000-square-foot building that Meta is vacating.
In November 2022, Facebook said that it would not move into the then-under-construction Sixth and Guadalupe office tower downtown, despite leasing 586,000 square feet. The tower is now complete and the office space remains empty. Additionally, Meta announced in June 2023 it would seek a subtenant for a 120,000-square-foot lease it has in the 300 West Sixth office tower.
Meta still leases 320,000 square feet in downtown’s Third + Shoal office tower.
- ◦Lease
