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Facebook Signs Hdson Yards Lease for 1.5M Square Feet

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After an extensive search for additional office space in the Big Apple, Facebook is heading for Hudson Yards. The social media and networking giant has signed a lease for over 1.5 million square feet of office space in the newly commercialized gigantic West Side development. Photo Credit: Wikipedia.com

By: Ilana Siyance

After an extensive search for additional office space in the Big Apple, Facebook is heading for Hudson Yards. The social media and networking giant has signed a lease for over 1.5 million square feet of office space in the newly commercialized gigantic West Side development. On Thursday, Hudson Yards officials announced the deal, in which Facebook will occupy a total of 30 floors across three buildings, greatly expanding its NYC footprint.

“When considering the next phase of our growth in the city, it was important that our newest office space was situated in the heart of a vibrant community that offered access to arts, culture, media and commerce,” John Tenanes, Facebook’s Vice President of global facilities and real estate, said in a statement. “Hudson Yards offered this and more, and we’re excited to expand our offices there starting in 2020.”

As reported by the NY Post, Facebook’s new lease includes roughly 1.2 million square feet at 50 Hudson Yards, which will the largest chunk of its new space. The 78-story behemoth, which is slated for completion in 2022 and will be anchored by BlackRock, is now already 75 percent leased. The remainder of Facebook’s new lease will include approximately 265,000 square feet at 30 Hudson Yards, and about 57,000 square feet at 55 Hudson Yards. The 73-floor mixed-use tower at 30 Hudson Yards is now fully committed, while the 51-floor skyscraper at 55 Hudson Yards is 99 percent committed, as per the developers. Though 50 Hudson Yards will not be completed for another two and a half years, Facebook plans to begin moving in to the other buildings next year.

Facebook, founded in 2004 and based in California, plans to keep its existing NYC offices at 770 Broadway (758,000 square feet), 225 Park Ave. South, and 335 Madison Ave., as per company spokeswoman Jamila Reeves. She declined to disclose the price point for the Hudson Yards lease. Facebook will be in good company at Hudson Yards, as other oversized multinationals have also signed leases there, including Amazon.com, and AT&T Inc.’s WarnerMedia. Hudson Yards is quickly becoming a success story, officially opening its doors in March. An influx of luxury and commercial real estate development there include numerous skyscrapers, a mega mall with plenty of restaurants, and a cultural center featuring a 150-foot-tall sculpture entitled “The Vessel.”

There has been talk of Facebook’s expansion into Hudson Yards since August. Facebook was also rumored, however, to have been mulling office space being built at James A. Farley Post Office in Midtown Manhattan, across from Penn Station. The Post had reported last month that the company was in a faceoff with Apple for over 740,000 square feet of space at the Vornado Realty Trust development.

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