Facebook Leases 1.5 Million Square Feet at Hudson Yards
The tech giant inked space at 30, 50 and 55 Hudson Yards in the West Side mega-project
By Sarika Gangar November 14, 2019 12:06 pm
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After months of speculation, Facebook finally clicked “like” on Hudson Yards.
The tech behemoth signed a deal for more than 1.5 million square feet of office space at the West Side mega-project, with the firm spreading across 30 floors of space in three buildings, landlord Related Companies announced today.
The deal includes about 1.2 million square feet at 50 Hudson Yards, about 265,000 square feet at 30 Hudson Yards and roughly 57,000 square feet at 55 Hudson Yards. Facebook said it would expand its offices into the space starting next year.
“New York’s vibrant communities, strong business economy and diverse talent base first attracted us to the city in 2007,” said John Tenanes, vice president of global facilities and real estate at Facebook, in prepared remarks. “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. Hudson Yards offered this and more.”
The deal ends months of speculation that Facebook would be taking space at the West Side complex, with the firm also reportedly eyeing space at Vornado Realty Trust‘s Farley Building.
The latest deal vastly expands Facebook’s presence in New York City. The social media giant currently has a 680,131-square-foot office at 770 Broadway, 213,024 square feet at 225 Park Avenue South and in December nabbed 40,000 square feet at The Company Building tech campus at 335 Madison Avenue, according to CoStar Group data.
Facebook was represented by Cushman & Wakefield in the Hudson Yards deal and Related handled the negotiations in-house. C&W’s team was led by Rob Lowe and Jamie Katcher, according to a person briefed on the matter.
Facebook will be joining BlackRock at 50 Hudson Yards, which is scheduled for delivery in 2022 and will serve as BlackRock’s global headquarters. The 78-story building is striving for LEED Gold certification and has direct access to the 7 subway line, multiple entrances, outdoor terraces and valet access via a porte-cochere. The building is now 75 percent leased.
“We are thrilled to welcome Facebook and its employees to their new park-front offices where they will enjoy the convenience of a truly dynamic live-work-play environment,” said Jeff T. Blau, CEO of Related, in prepared remarks.
At 30 Hudson Yards, which features the complex’s observation deck, Facebook will be joining tenants including Kohlberg, Kravis & Roberts, WarnerMedia and Related. At 55 Hudson Yards, it will be joining firms like Boies, Schiller & Flexner and Engineers Gate.
Two of the properties, 50 and 55 Hudson Yards, were developed by Related, Mitsui Fudosan America and Oxford Properties Group, while 30 Hudson Yards was developed by Related and Oxford.
“Hudson Yards continues to cement its reputation as a destination of choice for employers looking to gain an edge in the war for talent,” said Dean Shapiro, head of U.S. development for Oxford, in prepared remarks. “We are proud to be partnering with Facebook to create the workplace of the future for its employees; a place that provides world-class amenities across food, entertainment, retail, arts and culture right on its doorstep.”
The Hudson Yards complex also includes office space at 10 Hudson Yards, condos at 15 and 35 Hudson Yards, an Equinox hotel at 35 Hudson Yards, a mall anchored by Neiman Marcus, cultural center The Shed, and its distinctive spiral staircase The Vessel.
Update: The story has been updated since publication to include details on Facebook’s current offices in New York.
