SAN FRANCISCO (KCBS RADIO) – Following a slump in shares, a dramatic decrease in subscribers and hundreds of layoffs, Netflix has put an entire corporate campus in Silicon Valley up for sublease.
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The 165,000-square-foot office space, located at 100 and 150 Winchester Circle, was put on the market in August in an attempt to shed unused space, The Real Deal reported. The building at 100 Winchester Circle was the company's headquarters before it moved half a mile away.
According to commercial brokerage JLL, three floors are available within 150 Winchester Circle — all of which have a "negotiable" asking price.
The sublease of the office space is the most recent fall out from a turbulent year.
In April, the streaming service announced that it had lost subscribers for the first time since 2011, recording a drop of nearly one million Netflix users in the following months. In June, Bay Area Netflix employees felt the direct effects of the loss as the company announced 300 layoffs.
It is assumed that Netflix is now trying to get rid of this empty campus, once occupied by former employees.
KCBS Radio has reached out to Netflix for comment on the development, but has not yet heard back.
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