Meta’s D.C. office is the latest domino to fall as the tech giant reduces its footprint across the country.
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The company put 122K SF of office space at Terrell Place on the market for sublease, according to a preliminary second-quarter market report from CBRE.
A Cushman & Wakefield listing obtained by Bisnow is marketing 124K SF in the building as available, including 74K SF of contiguous space, with Dan Rasmussen and James Collins listed as the brokers. A source with knowledge of the listing said that it is for Meta's space.
The Cushman & Wakefield brokers declined to comment, as did Beacon Capital Partners, the owner of the building at 575 7th St. NW. Meta didn't respond to a request for comment.
Meta, formerly Facebook, moved into the building in April 2018, taking 73K SF. It later expanded its footprint to 170K SF, per marketing materials from Cushman & Wakefield reported by the Washington Business Journal in 2019.
The Penn Quarter property is a 425K SF, eight-story building with office and ground-floor retail. Tenants include virtual golf and game bar Iron Golf D.C. and local Mexican chain Mi Vida. Last June, Yelp terminated its 52K SF lease in the building ahead of its 2029 expiration.
This sublease listing comes as Meta undergoes a consolidation strategy outlined in its 2022 year-end investor filing. That strategy includes moves to “sublease, early terminate, or abandon several office buildings under operating leases," according to the filing. In January, Meta announced it would put 435K SF of its downtown San Francisco office space up for sublease.
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