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Facebook Expands Midtown Manhattan Presence

| Commercial Real Estate News, Leasing, Mixed-use, Office| Views: 134


As Valentine’s Day was drawing near, Facebook was busy solidifying its ties to 770 Broadway in New York City. The social networking giant has signed a new lease for an additional 78,000-square-foot space at the building located in Manhattan’s NoHo neighborhood, its home of five years.

770 Broadway, New York (Yardi Matrix)

Facebook has leased the entire 15th floor of the 15-story office building, growing its total footprint at the property to 513,000 square feet. The deal was closed after the building’s owner, Vornado Realty Trust, bought out Kmart’s lease on the floor, reported the Commercial Observer. With this move, Facebook is now the biggest tenant at 770 Broadway, occupying almost half of the 1.16-million-square-foot building.

Facebook first stepped into its 770 Broadway offices in 2013, when it signed a 10-year, 100,000-square-foot lease at the site. At that time, the social media tycoon occupied the building’s entire 8th floor and part of the 7th floor. The following year, Facebook took advantage of a 60,000-square-foot expansion option and took over the entire 7th floor.

In 2015, Facebook decided to further grow its footprint at 770 Broadway, by signing a lease for an additional 80,000-square-foot space—a lease that expires in 2024. Then, in 2016, the company proved its longstanding commitment to the historic Manhattan building, by adding another 79,998 square feet to its already leased area. This time, the lease was closed for a 12-year term, until 2028.

770 Broadway is one of the most iconic office buildings in the upscale NoHo neighborhood. Constructed in 1906 and completely renovated in 2000, the mixed-use building has managed to attract several high-profile tenants, including J. Crew, AOL, Kmart and Bank of America, according to Yardi Matrix data. The cast-iron building, which used to house Wanamaker’s department store, is LEED Gold-certified and includes 166,067 square feet of retail space.

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