Social media giant Meta is still looking for a sublet tenant to occupy about 290,000 square feet of its space at 50 Hudson Yards, the New York Business Journal reported. The company has sought to sublease six floors at the 2.9-million-square-foot office property since April 2024.
Meta leased 1.2 million square feet at 50 Hudson Yards in 2019, along with 265,000 square feet at 30 Hudson Yards and 57,000 square feet at 55 Hudson Yards. Subsequently, it sought to downsize its presence at the mixed-use complex to cut costs. The leases at 30 and 55 Hudson Yards expired last year, with KKR claiming the 30 Hudson Yards space.
Sublease space in the Hudson Yards submarket is at a premium. Direct office availability was 4.8% as of the first quarter, the Business Journal reported, citing data from Avison Young. Sublet availability in the neighborhood is 3.8%, for a total availability rate of 8.6%, well below Midtown’s average of 16.1%.
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