Former Meta HQ in London to become science and tech hub

18 March 2024, 10:44

Facebook staff lay offs
Facebook staff lay offs. Picture: PA

British Land and asset management firm Royal London have agreed a joint venture on office space where Meta was previously the tenant.

A former London headquarters for tech giant Meta is to be turned into a science and technology hub as part of a new joint venture.

British Land and asset manager Royal London have announced a joint venture to create the innovation space at 1 Triton Square in Euston.

The joint venture will see Royal London take a 50% stake in the project for £192.5 million, in addition to a £149 million surrender premium received from Meta, which exited its contract on the office space in September last year.

That move followed a trend of large firms cutting back on workspace post-pandemic as hybrid working has become increasingly popular, and companies have faced a challenging economic climate.

The joint venture project will see the site, which is valued at £385 million, turned into a science and tech facility combining labs and a range of office spaces.

The building is located within the Regent’s Place campus, part of London’s so-called “Knowledge Quarter”, and is home to a number of leading research institutions including The Francis Crick Institute, The Wellcome Trust, the Alan Turing Institute and University College London.

Meta building
Meta previously occupied the building (Joshua Bratt/PA)

Simon Carter, chief executive of British Land, said: “We are delighted to be working with Royal London Asset Management to deliver a world class science and innovation building at Regent’s Place.

“We proactively took 1 Triton Square back from Meta to reposition it for science and innovation customers, with the expectation of unlocking significantly higher rents, whilst benefiting from a considerable surrender premium to further improve the economics.

“This transaction is another example of how we drive value through establishing innovative JV partnerships, enabling us to flex our balance sheet, share the risk and crystallise the value created from Meta’s surrender premium.”

Mark Evans, head of property and commercial development at Royal London, said: “We are thrilled to join forces with British Land to reposition 1 Triton Square for the science and innovation market.

“The partnership opportunity aligns with our wider strategy to leverage our platforms in new markets and continue to deliver on our commitment to purposeful investment.

“We have long recognised the demand for best-in-class science and innovation space, particularly in the Golden Triangle, and the need for this space in supporting the UK’s economic growth.

“In testament to this strategic vision Royal London Asset Management has established 1.5 million sq ft of holdings to meet these needs over the past 10 years.

“1 Triton Square will increase our holdings to over 2.0 million sq ft and will form a core part of our wider portfolio as we position life sciences and innovation as a core platform for further investment.”

By Press Association

More Technology News

See more More Technology News

Pathology services provider Synnovis was the victim of a ransomware attack by a Russian cyber gang in June last year

Russian gang’s cyber attack on blood services ‘harmed 170 patients’

23andMe fined millions by watchdog after ‘profoundly damaging’ cyber attack exposing genetic data

23andMe fined millions by watchdog after ‘profoundly damaging’ cyber attack exposing genetic data

Scotland 2050 conference

‘Destructive’ social media will transform politics ‘for a generation’ – Forbes

View of Centre Court full of spectators watching a game at Wimbledon All England Lawn Tennis Club Championships. Wimbledon.

Wimbledon adopts AI for 2025 Championships with All England club introducing in-match analysis

Th new feature that lets you and a friend pair up and match with other pairs

Tinder launches 'double date' feature in bid to attract 'low pressure' Gen Z

An avocado bathroom suite built in the 70's.

Young homeowners ‘favour avocado bathrooms, relaxation zones and panelled walls’

Meta to introduce ads on WhatsApp as US tech giant reverses ‘no ads’ stance on world’s most popular messaging app

Meta to introduce ads on WhatsApp as US tech giant reverses ‘no ads’ stance on world’s most popular messaging app

Captain Cook's legendary ship has been discovered

Mystery of Captain Cook's lost ship solved after 250 years as scientists discover exact location of the HMS Endeavour

The ancient lost world was discovered in East Antarctica.

Lost world unearthed beneath Antarctica ice after 34 million years

Taoiseach Micheal Martin, Northern Ireland First Minister Michelle O’Neill and deputy First Minister Emma Little-Pengelly during the British-Irish Council (BIC) summit at the Slieve Donard resort in C

Leaders share healthcare and efficiency hopes for AI at British-Irish Council

Three and Vodafone

VodafoneThree promises better coverage at ‘no extra cost’ within months

The Khankhuuluu species weighed 750 kilograms, about the size of a horse

Newly discovered ‘Dragon Prince’ dinosaur rewrites history of T.rex

Aviation technology company Sita said 33.4 million bags were mishandled in 2024, compared with 33.8 million during the previous year.

Airlines lose fewer bags as tracking tech takes off as bosses say passengers expect similar service to a 'delivery app'

Social media app icons displayed on an Apple iPhone

Social media giants can ‘get on’ and tackle fraud cases, says City watchdog

Experts have warned about the risks posed by period tracking apps (Alamy/PA)

Experts warn of risks linked to period tracker apps

Data (Use and Access) Bill

Lords’ objections to Data Bill over copyright threatens its existence – minister