Facebook Bets Big on Future of N.Y.C., and Offices, With New Lease


“Facebook first joined New York’s vibrant business and tech community in 2007,” the spokeswoman, Jamila Reeves, said. “Since that time, we’ve continuously grown and expanded our presence throughout the city. The Farley Building will further anchor our New York footprint and create a dedicated hub for our tech and engineering teams.”

The Farley Building, most of which was built in 1913, is on Eighth Avenue across from Penn Station and Madison Square Garden. A long-awaited, large-scale renovation of the building is expected to be completed by the end of the year.

Over the past two years, the rapid growth of technology firms, both those from the West Coast and start-ups in the city, has turned a broad area of Manhattan into a vibrant tech hub.

Late last year, Amazon, which has continued to expand despite backing out of a plan to build a massive campus in Long Island City, Queens, in the face of strong community opposition, added 350,000 square feet in a building on 10th Avenue near Hudson Yards. It is enough space to bring its work force in New York City to more than 8,000 people.

Just south along the Hudson River, Google has built an enormous campus that spreads across several buildings in the Chelsea neighborhood.

Just before the pandemic, Apple signed a lease for 220,000 square feet at 11 Penn Plaza, a 1923 Art Deco tower a block from the Farley Building that is also owned by Vornado. It was Apple’s first expansion in New York City outside its office in the Flatiron district.

Julie Samuels, the executive director of Tech: NYC, a nonprofit industry group, said that Facebook’s decision on Monday was a vote of confidence in the future of New York and its growing tech industry.

“It’s great news that affirms what we’ve always known: even facing economic uncertainty and a global pandemic,’’ Ms. Samuels said, “New York is overflowing with the creativity and potential that will drive the growth of the next generation of technology companies.”


Sahred From Source link Real Estate