Facebook Moves Into Moynihan, Ditches 200K SF 225 Park Avenue South Office
By Mark Hallum October 4, 2022 2:48 pm
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Mark Zuckerberg is cutting back on even more New York City office space.
Meta, the parent company of Facebook and Instagram, will terminate its 200,000-square-foot lease at 225 Park Avenue South, after officially moving into the 730,000-square-foot space it committed to in Moynihan Train Hall in 2020, according to a source. The news was first reported by The Real Deal.
The company now has 3,000 employees working in the former Farley Post Office building — which is essentially part of the new Pennsylvania Station annex redeveloped by Vornado Realty Trust. Facebook originally inked the deal for the Park Avenue South space with Orda Management in 2016 as the tech company was expanding its office footprint throughout New York City and said it was a stopgap until it moved into Farley and its 1.5 million-square-foot Hudson Yards space.
“225 Park Avenue South has served as a great bridge space to get us to our new offices at Hudson Yards and Farley,” Meta spokesperson Jamila Reeves said in a statement. “We are working to ensure we’re making focused, balanced investments to support our most strategic long-term priorities. We remain firmly committed to New York and further anchoring our local footprint.”
Ditching its Park Avenue South offices comes after Meta announced a hiring freeze amid declining revenue and the company pulled out of other planned offices in the Big Apple. In April, Facebook decided to add annother 300,000 square feet to its 355,000-square-foot footprint at 770 Broadway in NoHo, but backed away from that plan just a few months later as other tech firms started to ditch unused office space.
Mark Hallum can be reached at mhallum@commercialobserver.com.
