Meta's former London landlord set for $430 million payday after tech giant's 9-figure ‘surrender fee' [Fortune]
BRITISH LAND CO S/ADR (BTLCY)
NASDAQ:AMEX Investor Relations:
britishland.com/investors
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Source: Fortune
year, it did so by parting ways with $181 million as part of a gargantuan “surrender fee.” The social media group's landlord may have cheered the nine-figure lump sum and looked nervously to the future as the U.K. capital endured a torrid corporate real estate market. Now things once again appear to be looking up for the company that once called Meta its tenant. British Land, Meta's former landlord at 1 Triton Square, has sold 50% of its bulging Regent Street space as part of a joint venture with Royal London Asset Management Property (RLAMP) to turn it into an industry-leading science laboratory. The group will earn £192.5 million ($244 million) by selling half its stake in the office space in addition to Meta's surrender fee. Combined, British Land is expected to enjoy a £341.5 million ($431 million) windfall as a result of Meta vacating its office space. “We proactively took 1 Triton Square back from Meta to reposition it for science and innovation customers, with the e
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