A week after laying off several hundred more employees in the Sacramento region, global technologies company Intel announced they would sell their Folsom campus. Intel says the sale is part of a company-wide mission to reduce the amount of unused space and “foster greater in-person collaboration.

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Chipmaker Intel Corp. announced plans to sell and lease back its Folsom site nearly a month after the technology giant said it would be laying off nearly 300 employees​ at the site in November.

Silicon Valley-based technology company Intel plans to sell its Sacramento-area campus in a cost-cutting effort, the company confirmed to KCRA 3. A company spokesperson said Intel plans to list its Folsom site for sale and lease back the space it needs.

Intel is making changes to its real estate strategy as part of broader efforts to cut costs and adapt to shifting market conditions.

The chipmaker is reducing its real estate holdings around the world as it works to cut $10 billion in spending.

Intel’s CEO said it would deliver $10 billion in cost savings by 2025. Plans to sell the Folsom site come after 272 employees were notified of layoffs last month.