Facebook signs the largest office lease deal of the year in Manhattan New York

Facebook Inc. has signed a lease for all of the office space at the Farley Building, a former post office on Manhattan’s west side that’s being redeveloped by Vornado Realty Trust.

According to Bloomberg report, the technology firm will take over 730,000 square feet of space at the site, located adjacent to the Pennsylvania Station rail hub, according to a statement Monday. The entire complex, which also will include a new train hall and 120,000 square feet of retail space, is expected to be completed in phases starting late this year.

“The Farley Building will further anchor our New York footprint and create a dedicated hub for our tech and engineering teams,” said Robert Cookson, a vice president of real estate and facilities at Menlo Park, California-based Facebook. “We look forward to being a part of this iconic New York City landmark’s future for years to come.”

The leasing deal is one of New York’s biggest this year and has long been awaited by the city’s real estate industry. Facebook also leases space at Vornado’s 770 Broadway and in Hudson Yards.

Vornado’s shares jumped as much as 8.8% in late trading after the deal was announced. The stock has lost almost 50% this year amid the Covid-19 pandemic, which led to the shuttering of offices and stores across New York.

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