By Ameya Karve

(Bloomberg) — Meta Platforms Inc. is giving up its lease on seven floors of office space in Singapore, which expires at the end of September, The Business Times reported Thursday.

Facebook’s parent company announced its decision not to renew the lease on the South Beach Tower in June last year, the newspaper reported, citing Samantha Tan, general manager of developer South Beach Consortium Pte. That came just three months after a wave of global layoffs at Meta in March.

Meta is among the tech companies that have conducted layoffs since late 2022 that have been deeper and more extensive than anything in recent memory. Still, the austerity measures have allowed Meta to announce plans for an additional $50 billion in share buybacks and its first quarterly dividend, giving investors a reason to stick around.

Meta began moving employees out of its 10,000-square-foot offices in the South Beach Tower in the first half of last year and consolidating its teams at its Marina One office in the Financial District, the report said.

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