Hi @eowyn723,
Chances are the bulk of the size is taken up by a lengthy Auto-Save history. To free up the space you could just delete the entire .tp2 folder, when you open the corresponding Team Project we re-download the server version of the .tp2 file which still has your Version history, but you will lose the local Auto-Save history. IF you want to preserve this history as well, you could just move the .tp2 folder to any archival location and when you need to have a look at the project you can open it as a fully-functional local version of a Team Project, including its auto-save history by following these steps:
Copy/move the .tp2 folder into a ‘local’ folder "…/Adobe/Common/Team Projects Local Hub/SUITE_YEAR/local"
Delete the file sync.sqlite3 from within the .tp2 folder you just copied. (This database contains all the synchronization information for the Team Project, including CC user information.) If you do not delete sync.sqlite3 file, the project will not appear in your list of Team Projects.
HTH,
Udo
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