Facebook Pullback

Facebook and Instagram parent Meta is shedding 250,000 square feet of office space at Manhattan’s Hudson Yards. It’s the latest example of major companies shrinking their workplace footprints. Also, Blackstone is selling its nearly 50 percent stake in two major Vegas casino-resorts.

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— Tom Acitelli, Co-Deputy Editor

Facebook Cutting 250K SF at Hudson Yards

Facebook’s parent company Meta will cut about 250,000 square feet from its 1.9 million-square-foot Hudson Yards office portfolio as part of the firm’s plans to drop at least $2.9 billion to lose office space across the country. The social media giant plans to give back the space it took at 30 and 55 Hudson Yards in 2019 to landlord Related Companies once its lease runs out in 2024, Bloomberg reported. A spokesperson for Meta told Commercial Observer that it plans to sublease a “small portion” of its space at 50 Hudson Yards.

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Blackstone Sells Stake of MGM Grand and Mandalay Bay Hotels

Blackstone has agreed to sell its 49.9 percent stake in MGM Grand Las Vegas and the Mandalay Bay hotels in Las Vegas to Vici Properties, in a deal that valued the properties at more than $5.5 billion. The deal — one of the largest for a casino in the country this year — gives Vici Properties full ownership of both properties, as it already owns a 50.1 percent stake. Vici will assume Blackstone's share of some $3 billion in debt, and Blackstone is expected to receive $1.27 billion in cash.

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