LivingSocial Shows Financial Restraint in Decisions Regarding Real Estate in D.C.
LivingSocial, fresh off of a layoff round axing about 10 percent of its workforce, is taking clear measures to rein back its spending on its real estate footprint in Washington, D.C. The No. 2 daily-deals company has decided to move its employees out of three buildings in the nation’s capital, including a floor it leased two years ago. This is part of the company’s efforts to consolidate its workforce in its hometown. LivingSocial also plans to sublease 12,500 square feet at its Chinatown location in Washington, D.C., as well as another space in the city. The company says it plans to move workers from those locations to more efficient and bigger spaces. Meanwhile, LivingSocial is withdrawing its interest from moving to a consolidated headquarters in the city. The company says it still plans to look for a consolidated headquarters in Washington, D.C., a move that is required to lock up its hefty tax incentive package. (Washington Business Journal)
