Farley gets Zucked: Facebook signs huge lease at Post Office redevelopment
The social media giant announced a broader work-from-home push earlier this year
Facebook is officially coming to the Farley Post Office redevelopment, in what is certain to be a major boost for New York’s struggling office market.
The social media giant has signed a lease for 730,000 square feet of space at the property, landlord Vornado Realty Trust announced Monday.
News of Facebook’s interest in the massive complex broke late last year. But as the coronavirus pandemic raised questions about companies’ need for large offices, there was much hand-wringing over whether or not the deal would go through.
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Facebook in May announced its shift to a distributed workforce, a move that could see up to half of the company’s 45,000 employees go remote in the next few years. Many major tech companies have made similar announcements since, putting a big question mark on the tech industry’s appetite for new office space in prime markets.
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Vornado CEO Steve Roth on Monday said in a prepared statement that Facebook’s decision “reinforces New York’s position as the nation’s second tech hub.” Robert Cookson, who oversees real estate for the social networking giant, said that the company looked forward to being a part of this iconic New York City landmark’s future for years to come.”
Facebook’s New York city office is currently located at Vornado’s 770 Broadway. The company also signed on last year for more than 1.5 million square feet nearby at Hudson Yards.