Meta, the parent company of Facebook and Instagram, has paid $181 million to end its lease on an eight-story office building in London that it never moved into.
The company had another 18 years left on its lease, but it decided to pay the equivalent of seven years' rent to break the agreement early.
This move is part of a larger trend of companies downsizing their office space as they adopt hybrid work schedules.
Many workers are now spending only two or three days per week in the office, which means that companies need less space.
Meta CEO Mark Zuckerberg has called 2023 the company's "year of efficiency".
In addition to paying to end its lease on the London office, Meta has also laid off over 11,000 employees and is asking hybrid workers to share desks.
The company has said that it is committed to reducing its costs and making its operations more efficient.
However, some critics have accused Meta of being wasteful and of not doing enough to help its employees.
