Vornado Realty Trust announced this afternoon that Facebook has leased 730,000 s/f comprising all of the office space at The Farley Building in Vornado’s PENN DISTRICT.
The Farley Building is a cornerstone of Vornado’s new PENN DISTRICT, where Vornado owns 10 million square feet and is in the midst of a more than $2 billion district-wide transformation of the neighborhood alongside government infrastructure and transportation improvements of more than $3 billion.
Farley occupies a double-wide block between 31st and 33rd Streets and stretches from 8th to 9th Avenues.
It is adjacent to Penn Station, the busiest transportation hub in the nation, and across the street from Madison Square Garden. Farley is an iconic Beaux Arts New York City landmark designed by McKim, Mead & White that Vornado is converting into a state-of-the-art, mixed-use development featuring best-in-class creative office space, while retaining the rich history of the building’s original design.
Farley’s large floorplates offer a horizontal campus unique to Manhattan and similar to tech offices in Silicon Valley.
The full complex will include Facebook’s office space; the Moynihan Train Hall; and 120,000 s/f of retail space with food and beverage, full-service restaurants and curated lifestyle brands.
The project is expected to be completed in phases beginning by year-end 2020.
Steven Roth, CEO of Vornado, commented, “We are delighted to welcome Facebook to The Farley Building, a property like no other in New York City. Facebook’s commitment to Farley expands our long-standing relationship and advances our vision for the PENN DISTRICT, the new epicenter of Manhattan. Facebook’s commitment is a further testament to New York City’s extraordinary talent and reinforces New York’s position as the nation’s second tech hub.”
“Facebook first joined New York’s vibrant business and tech community in 2007. Since that time, we’ve continuously grown and expanded our presence throughout the city. The Farley Building will further anchor our New York footprint and create a dedicated hub for our tech and engineering teams. We look forward to being a part of this iconic New York City landmark’s future for years to come,” said Robert Cookson, VP of Real Estate and Facilities, Americas, EMEA and APAC at Facebook.
Calling the deal “a signal to the world that our brightest days are still ahead,” Governor Andrew Cuomo said, “This is a significant moment in New York’s road to build back better and stronger and demonstrates our continuing resilience.
“Once complete, the Penn-Farley complex will be a world-class 21st century transportation, retail and business hub that maintains its extraordinary and historic architectural character. Vornado’s and Facebook’s investment in New York and commitment to further putting down roots here – even in the midst of a global pandemic – is a signal to the world that our brightest days are still ahead and we are open for business. This public-private partnership fortifies New York as an international center of innovation.”
Vornado’s transformation of the PENN DISTRICT is well underway, anchored by the previously announced redevelopments of Farley, PENN 1 and PENN 2.
In New York City, in addition to The Farley Building, Facebook leases office space at Vornado’s 770 Broadway and in nearby Hudson Yards.
The Farley development is owned 95 percent by Vornado and five percent by The Related Companies.