[HN Gopher] Meta pays PS149M to break London office lease
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Meta pays PS149M to break London office lease
Author : vinnyglennon
Score : 20 points
Date : 2023-09-26 20:58 UTC (2 hours ago)
(HTM) web link (www.ft.com)
(TXT) w3m dump (www.ft.com)
| xdennis wrote:
| The same story from free sources:
|
| - https://www.msn.com/en-us/money/companies/meta-pays-149m-to-...
|
| - https://www.irishtimes.com/business/2023/09/26/facebook-owne...
|
| - https://news.sky.com/story/facebook-owner-meta-pays-149m-to-...
| version_five wrote:
| That's an insane amount of money. I can't read the article, it
| would be very interesting to see the rental costs they backed out
| of and how much they saved.
| rahimnathwani wrote:
| Meta had another 18 years on its lease and paid the equivalent
| of about seven years of rent to get out of the obligation,
| according to BNP Paribas Exane analysts.
| version_five wrote:
| Wow. Thanks.
| SilasX wrote:
| It _is_ an insane amount! I initially assumed it was a case of
| "ha ha, M means a thousand, silly", but no, the article
| confirms it's millions, and equal to seven years of rent.
|
| Like, what? The landlord could fail to find another tenant for
| seven years and still come out ahead.
|
| There are either draconian anti-subleasing provisions, or
| office rents have plummeted.
| fatfingerd wrote:
| Seems nuts to me, but CEOs also get an interesting pressure
| not to effectively be in a second sector through real estate
| holdings, etc, so even if long term subleasing would have
| paid off they may not have wanted to.
|
| I guess its that having a lot of assets in a lower alpha
| sector will dilute the upside in a boom compared to a company
| that is totally leveraged to have all its value operating in
| the one sector. Fiscal madness.
| 4gotunameagain wrote:
| That's probably a good thing for proponents of remote work, since
| it means that they bit a bullet instead of forcing people to
| return I guess.
|
| I wonder if things keep going that way, how will downtowns evolve
| and also how will humans, spending even more and more time in
| less social environments.
|
| ps https://archive.ph/L3rAS
| gumballindie wrote:
| They do spend more and more time in more social environments,
| but with people that actually matter to them, no coworkers.
| jstx1 wrote:
| Hybrid working and desk sharing is the worst option for getting
| any actual work done. I'll gladly commute to an office where I
| have a dedicated desk with good equipment (2 monitors, keyboard
| etc) but having to work from a laptop without any dedicated space
| is just horrible.
| Detrytus wrote:
| Desk-sharing offices still have 2 monitors and keyboard on each
| desk, you just get to sit in a different spot every time. At
| least that's how my company does it. (To be fair: my company
| allows us to work from home full time, hot-desks are there just
| for those rare occasions when someone needs/wants to come to
| the office)
| simscitizen wrote:
| Probably consolidating their London office space. The main UK
| office is actually at Rathbone.
| fuzzfactor wrote:
| At this scale they're going to need a huge amount of bigger
| unwanted expenses and unexpected losses in order to make this
| seem worthwhile.
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(page generated 2023-09-26 23:01 UTC)