Facebook in advanced talks for new office at 225 PAS: sources

Social networking giant near deal for about 190K sf at Midtown South property

TRD New York /
Mar.March 24, 2016 06:32 PM

Wow! 225 Park Avenue South. Haha!

It’s a good thing Facebook recently launched Reactions, because now it has options to show how much it likes – no, loves – the Midtown South office building that’s also home to BuzzFeed.

The Mark Zuckerberg-led social media giant, which has a market cap of nearly $330 billion, is in advanced negotiations to take nearly 190,000 square feet in the newly renovated Orda Management property, sources told The Real Deal.

That’s a big chunk of what’s left at the building after BuzzFeed took 190,000 square feet in late 2014 following the Port Authority of New York and New Jersey’s exodus to the World Trade Center.

Orda embarked on a multimillion-dollar makeover of the building and its neighbor, 233 Park Avenue South, combining the two buildings through a shared stairwell and adding features like a penthouse opening up to a “private sky garden.”

Now Facebook, fresh off of an expansion at 770 Broadway to 355,000 square feet, is in talks for nearly 190,000 square feet at 225 PAS.

The space most likely covers the sixth through 10th floors, which run between both buildings. Asking rents are $85 per square foot.

Another block of roughly 80,000 square feet sits at the top three floors of 225 PAS, which includes a 4,000-square-foot outdoor terrace. Asking rents on those floors are $95 per square foot.

Robert Tunis and Eric Ferriello of Colliers International are representing Facebook along with Warren Wixen of Wixen Real Estate out of Los Angeles. A Newmark Grubb Knight Frank team including Barry Gosin, Brian Waterman and Andrew Peretz is representing the landlord. The brokers either declined to comment or could not be reached.

Facebook’s options could include a semi-private lobby with a dedicated concierge service.


Related Articles

arrow_forward_ios
Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images and Wikipedia)

Facebook close to finalizing Hudson Yards office deal: report

Facebook close to finalizing Hudson Yards office deal: report
An illustration of Vornado's Steven Roth and Facebook's Mark Zuckerberg

Revenge of the hoodies: Big Tech may be breaking up with Big Office for good

Revenge of the hoodies: Big Tech may be breaking up with Big Office for good
Mastercard CEO Ajaypal Singh with 150 Fifth Avenue and Facebook CEO Mark Zuckerberg with Moynihan Station in New York (Getty; Google Maps)

Facebook, Mastercard rethink office footprint

Facebook, Mastercard rethink office footprint
Twitter CEO Jack Dorsey and Facebook CEO Mark Zuckerberg (Dorsey by Matt Crossick/PA Images via Getty Images; Zuckerberg by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)

Silicon Valley embraces “work from anywhere” ethos

Silicon Valley embraces “work from anywhere” ethos
Warner Media CEO John Stankey, Google CEO Sundar Pichai and Facebook CEO mark zuckerberg (Credit: Getty Images, iStock)

Triple-digit office rents, once a rarity, are now a major piece of Manhattan deals

Triple-digit office rents, once a rarity, are now a major piece of Manhattan deals
Facebook CEO Mark Zuckerberg and a rendering of the Farley Post Office building redevelopment (Credit: Getty Images, SOM)

Facebook to grow West Side fiefdom with giant Farley Building lease

Facebook to grow West Side fiefdom with giant Farley Building lease
Clockwise from left: 1 New York Plaza, Hudson Yards, 341 Ninth Avenue and 55 Water Street (Credit: Google Maps, Wikipedia Commons, Getty Images)

These were NYC’s top office leases in November

These were NYC’s top office leases in November
Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images)

It’s official: Facebook is taking 1.5M sf in Hudson Yards

It’s official: Facebook is taking 1.5M sf in Hudson Yards
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...