Meta Platforms has decided not to occupy part of its newly developed European headquarters in Dublin and will instead sublet part of the site.
In 2018, the social media giant signed a 25-year lease on Fibonacci Square, a 375,000-square-foot office in Ballsbridge.
Now Meta has instructed its agent, Cushman & Wakefield, to sublet the four newly developed blocks to other occupants.
“As part of our global site review, we have decided to sublet the Triton Square office and the final phase of the Ballsbridge campus,” Meta said yesterday.
The new Dublin campus will continue to be the main location for Meta’s European headquarters. Employees at the company’s current Dublin office will move into the existing part of the development located in the south of the city early next year.
The parent company of Facebook and Instagram said it remained firmly committed to the UK and Ireland.
Meta’s decision to sublet the offices comes at a time of turmoil for tech companies. Last month, the social media giant said it would cut more than 11,000 jobs around the world in its first big round of layoffs.
Irish staff have also been made redundant at other tech companies such as Twitter and Stripe in recent months as the industry shrinks amid a period of turmoil.