Meta is downsizing at New York location it opened in 2019

Buildings in Hudson Yards from a new Meta office space in the Farley Building in New York, U.S., on Wednesday Sept. 29, 2021.

Meta is scaling back its presence at a prime New York City location as the social media giant tries to reduce its costs.

The company said in a statement that it is subleasing a small portion of its facilities at 50 Hudson Yards. Over 1.5 million square feet of office space was leased by Meta to Hudson Yards.

Meta gave back some office space at 30 and 55 Hudson Yards to the Related Cos., according to a report. According to the report, Meta now has over 255,000 square feet of space across two towers.

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50 Hudson Yards, which is estimated to open next year, is another example of Meta's commitment to New York City.

In October, Meta issued a weaker-than- expected forecast for the fourth quarter and indicated that revenue will fall for the third straight period. This year, the company's value has plummeted.

The company said earlier this month that it was laying off over 11,000 workers. The CEO said at the time that the company is taking a number of additional steps to become a leaner and more efficient company.

Capital spend is unreliable for Meta.