{"id":28494,"date":"2020-08-05T16:05:28","date_gmt":"2020-08-05T13:05:28","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=28494"},"modified":"2025-03-25T16:09:26","modified_gmt":"2025-03-25T13:09:26","slug":"facebook-sign-lease-farley-building","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/facebook-sign-lease-farley-building\/","title":{"rendered":"Facebook Inks 730KSF Lease at Vornado-Owned Manhattan Office Space"},"content":{"rendered":"<p>Facebook\u2019s decision to sign a 730,000-square-foot lease at Vornado\u2019s Farley Building gave a long-awaited vote of confidence in the post-pandemic future of New York City\u2019s commercial real estate. While it already boasts a nearly <a href=\"https:\/\/www.bizjournals.com\/newyork\/news\/2020\/08\/03\/facebook-leases-office-space-at-farley-building.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">3-million-square-foot presence in Manhattan<\/a> \u2014 including 1.5 million square feet of office space at Hudson Yards and another\u00a0700,000 square feet at 770 Broadway\u00a0in NoHo \u2014 Facebook has been on the lookout for another <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan\/\" target=\"_blank\" rel=\"noopener noreferrer\">Manhattan office space for rent<\/a> since last summer, when it <a href=\"https:\/\/commercialobserver.com\/2020\/08\/facebook-closes-730k-sf-deal-at-farley-post-office\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">outbid Apple<\/a> during negotiations for the former post office building at 421 Eighth Ave.<\/p>\n<p>Previously known as the James A. Farley Post Office, the building was designed by architectural firm McKim, Mead &amp; White and completed in 1912. The six-story, Beaux-Art landmark is part of a nearly $1.03 billion redevelopment by Vornado that would add 120,000 square feet of retail to the property. The development also includes the\u00a0Moynihan Train Hall, which would expand\u00a0the nearby Penn Station. The project will be completed in several phases, the first of which is set to begin at the end of 2020. The Empire State Development holds the rights to the land beneath the Farley Building until June 2116.<\/p>\n<p>Despite Facebook\u2019s interest in the property, doubts remained about the ultimate fate of the deal, especially following <a href=\"https:\/\/www.commercialcafe.com\/blog\/atlanta-dallas-denver-new-facebook-hubs\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mark Zuckerberg\u2019s announcement in mid-May regarding a shift toward remote\/hybrid work arrangement<\/a>s for roughly half of the company\u2019s employees. However, the social media giant seems determined to build a veritable stronghold in the country\u2019s second-largest tech hub, as it is also in negotiations for a Neiman Marcus property in Hudson Yards. In that case, Facebook plans to convert the 188,000-square-foot retail space into offices.<\/p>\n<p>The coronavirus outbreak has left many businesses weary of returning to their offices. Nonetheless, Facebook has <a href=\"https:\/\/www.nytimes.com\/2020\/08\/03\/nyregion\/facebook-nyc-office-farley-building.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">increased its number of employees in its Manhattan offices<\/a> \u2014 from 2,900 at the beginning of the year to more than 4,000 today. What\u2019s more, following the addition of the Farley Building and a possible future location at Hudson Yards, the company could move another 8,500 workers to the city.<\/p>\n<div id=\"highlighter--hover-tools\" style=\"display: none;\">\n<div id=\"highlighter--hover-tools--container\">\n<div class=\"highlighter--icon highlighter--icon-copy\" title=\"Copy\"><\/div>\n<div class=\"highlighter--separator\"><\/div>\n<div class=\"highlighter--icon highlighter--icon-delete\" title=\"Delete\"><\/div>\n<\/div>\n<\/div>\n<div id=\"highlighter--hover-tools\" style=\"display: none;\">\n<div id=\"highlighter--hover-tools--container\">\n<div class=\"highlighter--icon highlighter--icon-copy\" title=\"Copy\"><\/div>\n<div class=\"highlighter--separator\"><\/div>\n<div class=\"highlighter--icon highlighter--icon-delete\" title=\"Delete\"><\/div>\n<\/div>\n<\/div>\n<div id=\"highlighter--hover-tools\" style=\"display: none;\">\n<div id=\"highlighter--hover-tools--container\">\n<div class=\"highlighter--icon highlighter--icon-copy\" title=\"Copy\"><\/div>\n<div class=\"highlighter--separator\"><\/div>\n<div class=\"highlighter--icon highlighter--icon-delete\" title=\"Delete\"><\/div>\n<\/div>\n<\/div>\n<div id=\"highlighter--hover-tools\" style=\"display: none;\">\n<div id=\"highlighter--hover-tools--container\">\n<div class=\"highlighter--icon highlighter--icon-copy\" title=\"Copy\"><\/div>\n<div class=\"highlighter--separator\"><\/div>\n<div class=\"highlighter--icon highlighter--icon-delete\" title=\"Delete\"><\/div>\n<\/div>\n<\/div>\n<div id=\"highlighter--hover-tools\" style=\"display: none;\">\n<div id=\"highlighter--hover-tools--container\">\n<div class=\"highlighter--icon highlighter--icon-copy\" title=\"Copy\"><\/div>\n<div class=\"highlighter--separator\"><\/div>\n<div class=\"highlighter--icon highlighter--icon-delete\" title=\"Delete\"><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Facebook\u2019s decision to sign a 730,000-square-foot lease at Vornado\u2019s Farley Building gave a long-awaited vote of confidence in the post-pandemic future of New York City\u2019s commercial real estate. While it already boasts a nearly 3-million-square-foot presence in Manhattan \u2014 including 1.5 million square feet of office space at Hudson Yards and another\u00a0700,000 square feet at&hellip;<\/p>\n","protected":false},"author":56,"featured_media":28497,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,39],"tags":[],"class_list":["post-28494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-office","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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