Facebook inks 10-year deal at Vornado’s 770 Broadway
Now, it’s Facebook official. The $60 billion company has signed a 10-year deal for about 100,000 square feet at Vornado Realty Trust’s 770 Broadway, after considering 160,000 square feet last month, Crain’s reported.
When many tech companies are logging out of Midtown South, Facebook will take the seventh and eighth floors of the 15-story, 1.1-million-square-foot building, between East 8th and East 9th streets. The tower also houses AOL, the Huffington Post and J. Crew. The social media giant will spend in the mid $70s per square foot on rental rates, as part of its expansion, Crain’s said.
Elsewhere in Manhattan, Facebook has 150,000 square feet at 335 Madison Avenue, between East 43rd and East 44th streets.
The tech industry has its sights on the Times Square area, the Garment District and downtown, the Wall Street Journal reported. About.com, Nielsen Communications, 10gen and Sandow Media relocated from Midtown South in the past year, largely because of falling vacancies and rising rents there, the Journal said.
Also, Yahoo just signed a 10-year deal at the 767,000-square-foot Blackstone Group-owned New York Times building, at 229 West 43rd Street. As of last month, Yahoo and Microsoft had snapped up 633,000 square feet of space in Times Square over the last 18 months, as previously reported. [Crain’s] and [WSJ] –Mark Maurer