Facebook has started the hunt for more office space in New York City, with sources saying it is searching for 500,000 square feet or more.
The social media giant is said to be considering space in one of several office towers currently being developed or built in the Hudson Yards neighborhood. The $300 billion company has been talking with the Related Cos. and its present landlord Vornado Realty Trust about a possible move into a newly-built tower.
Facebook is now the largest tenant at Vornado’s 770 Broadway in the Greenwich Village, Crain’s reported. It has been adding space since it first leased 100,000 square feet in 2013, and now has a total of 295,000 square feet at the 15-story building, according to Crain’s.
With other tenants, such as AOL, at the 1.6 million-square-foot 770 Broadway, brokers told Crain’s that the internet giant is looking for a large block of space that would allow growth.
Vornado could also develop space for Facebook near Penn Station or other locations, Crain’s reported. The World Trade Center is another possibility as well as a developer building an office tower if Facebook agreed to lease 500,000 square feet.
While Facebook may not move anytime soon, it may follow other tech companies, such as Google, which have rapidly expanded their footprint in the city. Google bought 111 Eighth Avenue, which is a nearly 3-million-square-foot building, for its New York City headquarters.
Earlier this month, Facebook spread out in its largest Southern California office. It signed a lease with landlord Vantage Property Investors for 35,000 square feet at the Playa Jefferson campus at 12777 West Jefferson Boulevard in Playa Vista, The Real Deal Los Angeles reported. [Crain’s] — Dusica Sue Malesevic