Facebook is close to securing new office space at 50 Hudson Yards
Image courtesy of Related-Oxford
The technology sector at Hudson Yards may soon see a big boost. According to reports by Crain’s, Facebook is negotiating on a one million+ square foot space at 50 Hudson Yards, the 1,000-foot-tall office tower co-developed by Related and Oxford Properties Group that became the city’s most expensive office building at $4 billion. The arrival of Facebook would solidify the Midtown neighborhood as a major tech hub in the city. Amazon—who already occupies offices at 5 Manhattan West—is rumored to be looking at additional space in neighboring 2 Manhattan West.
Facebook holds offices in several locations throughout the city, including 770 Broadway and 335 Madison Avenue, but was looking for something significantly larger. According to Crain’s, the tech giant had been considering deals at One Madison Avenue—a building that would have to be redeveloped and expanded to accommodate the company—as well as at a future Vornado office tower across from Penn Station.
It’s not yet clear how the Hudson Yards deal would impact those longer-term projects, but sources say the deal is almost closed. Within the last day, Related stopped moving forward on a lease with the major law firm Debevoise & Plimpton, who was looking at a portion of the same office space Facebook is planning on scooping up.
BlackRock was a very early tenant of 50 Hudson Yards; they signed a 20-year lease for 15 floors. Construction on the tower recently rose above ground. It’s expected to be complete in 2022.
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