With so many office buildings for sale and lease in the New York area, it is only natural for some of the biggest names in the business world to lay down roots in the Big Apple. While Facebook has been doing business in the area for almost a year at its current location, the company has decided to take its presence to the next level by expanding its office in midtown south.
Last year, Facebook took on 100,000 square feet at 770 Broadway. This time around, the company has added 60,000 square feet in the office building that takes up an entire block. This may be a surprise to some, but Facebook was considering this option from the day that it first signed the lease. The potential for expansion was included in the initial lease. While it was thought that the company would wait two years to exercise this option, it took the initiative after less than a full year to expand.
As a result of this expansion, the social networking giant has now taken over the seventh and eighth floors of the building. The 15-story property is one of the most coveted in the area, with the landlord charging rent at $70 per square foot.
Facebook, as well as many other companies spanning a variety of industries, continues to expand in this part of New York. There are many office buildings for sale and rent in the area, so companies that are interested in getting the best deal have to start their search early while comparing all available options.
Source: Crain's New York Business, "Facebook grows its link with 770 Broadway" Daniel Geiger, Mar. 24, 2014