The Real Deal New York

Facebook expands office by 60 percent

Social networking giant boosts space less than a year after move to Midtown South
March 24, 2014 05:00PM

Less than a year after moving into its 100,000-square-foot office space, Facebook is adding 60,000 square feet to its Midtown South office.

The social media company now occupies the entire 7th and 8th floors at 770 Broadway, which is owned by Vornado Realty Trust. The $161 billion social networking firm signed a lease in May for the initial 100,000 square feet with the option of expanding after two years, Crain’s reported.

The expedited expansion signals not only the growth of the company, but also the rapid development of the Midtown South market. The number of Facebook employees in its New York offices quadrupled in the past three years, Business Insider reported. Facebook previously occupied 55,000 square feet at its old office at 335 Madison Avenue.

The 15-story, 1.2 million-square-foot building is also home to AOL, TechCrunch NY, Billboard, and Nielsen Business Media, with rents in the $70s per square foot. [Crain’s]Sasha von Oldershausen

(Photo of Mark Zuckerberg from Shutterstock)