Facebook Adds Another 200K SF in Midtown South
By Terence Cullen March 25, 2016 3:43 pm
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Looks like Facebook is in growth mode in New York City.
The publicly traded social network inked a deal for about 200,000 square feet at 225 Park Avenue South between East 18th and East 19th Streets, according to several reports. News of this deal comes roughly a month after Facebook expanded to more than 355,000 square feet at 770 Broadway in Noho.
Facebook will take 78,666 square feet on the top three floors of the 19-story 225 Park Avenue South, according to The New York Post, which reported earlier today that the deal had closed. The remaining 120,000 square feet will be on several lower floors of the 537,500-square-foot building.
The company will likely be taking space vacated in 2014 by the Port Authority of New York & New Jersey (it now anchors 4 World Trade Center), according to The Real Deal, which reported yesterday that the deal was imminently closing. Asking rent at the building is $85 per square foot.
At 225 Park Avenue South, Facebook will be joining the likes of Buzzfeed, which signed a lease for about 194,000 square feet in December 2014, as Commercial Observer reported at the time.
Robert Tunis and Eric Ferriello of Colliers International represented Facebook along with Warren Wixen of the Los Angeles-based Wixen Real Estate. The Colliers brokers declined to comment via a spokesman, and Mr. Wixen declined to comment when reached by Commercial Observer. Brian Waterman, Brent Ozarowski, Andrew Peretz and Courtney Adham of Newmark Grubb Knight Frank represented landlord Orda Management. The brokers declined to comment via a spokeswoman.
Vornado Realty Trust announced in its quarterly earnings call last month that Facebook had expanded by 80,000 square feet at 770 Broadway between East Eighth Street and Wannamaker Place, as CO previously reported. That was on top of the more than 275,000 square feet it had previously occupied.
