Facebook expands to over 500K sf at Vornado’s 770 Broadway

Social media giant inks 78K sf lease at the Midtown South building

TRD New York /
Feb.February 13, 2018 04:00 PM

770 Broadway and Mark Zuckerberg (Credit: Vornado and Alessio Jacon via Flickr)

Facebook signed a 78,000-square foot lease at Vornado Realty Trust’s 770 Broadway, expanding its footprint in the building to 513,000 square feet.

Vornado’s CEO Steve Roth announced the deal during an earnings call Tuesday, Commercial Observer reported. The real estate investment trust freed up the space by buying Kmart out of its lease for the floor Facebook is taking. The retailer will still occupy 82,000 square feet in the landmarked, 1 million-square-foot building in Midtown South.

The Real Deal reported last month that Vornado was working on clearing space in the building to allow Facebook to expand.  The social media giant now has a total of 513,000 square feet.

On the call, Roth dismissed reports claiming he opposed federal funding for the Gateway tunnel project and called it “far and away the most important” infrastructure project for the New York region. He said he expects the New York commercial real estate market to stay “flat-ish” in 2018 amid a strong office market and struggling retail sector.

Vornado is also officially planning to sell its stake in 666 Fifth Avenue, which it co-owns with Kushner Companies. [CO]Konrad Putzier


Related Articles

arrow_forward_ios
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

Free and clear: Vornado pays off debt at 220 CPS

Free and clear: Vornado pays off debt at 220 CPS
Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
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
HelloFresh’s NYC HQ (Courtesy of Industry City, HelloFresh by Eric Laignel)

HelloFresh inks Industry City deal for content studio

HelloFresh inks Industry City deal for content studio
A rendering of the Climate Solutions Center with Trust for Governors Island CEO Clare Newman and Mayor de Blasio (Rendering via WXY architecture + urban design/bloomimages; Governor's Island; Getty)

Going green: Governors Island could soon house climate center

Going green: Governors Island could soon house climate center
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale, Wafra seek $860M to redevelop 111 Wall Street

Nightingale, Wafra seek $860M to redevelop 111 Wall Street
The Real Deal founder and publisher Amir Korangy and Massey Knakal founder Bob Knakal

JLL’s Bob Knakal on the future of New York

JLL’s Bob Knakal on the future of New York
Greystone Development CEO Thomas Ryan and an image of the project (Courtesy of James Hooker, Greystone)

Greystone eyes $40M-plus for Park Slope luxury apartments

Greystone eyes $40M-plus for Park Slope luxury apartments
arrow_forward_ios

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

Loading...