search

The Real Deal Logo

Trending

Billionaire hedge funder Larry Robbins makes South Florida moveBillionaire hedge funder Larry Robbins makes South Florida move“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab law“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab lawChavin surrenders Loop office-to-resi play with deed-in-lieu of foreclosureChavin surrenders Loop office-to-resi play with deed-in-lieu of foreclosureHow low? LNR buys San Francisco office building for 11% of 2018 priceHow low? LNR buys San Francisco office building for 11% of 2018 price
New York

Facebook checking out new office towers for 500K sf spread

The space would help the social media giant consolidate, possibly expand beyond 770 B'way

From left: Mark Zuckerberg and Hudson Yards
From left: Mark Zuckerberg and Hudson Yards

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.

Sign Up for the undefined Newsletter

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

Tags
FacebookHudson YardsRelated CompaniesVornado Realty Trust