Offices Real Estate

Facebook Signs for 1.5 Million Square Feet at Hudson Yards

Facebook, which operates the world’s largest social network, has signed a mega lease with Related Companies and Oxford Properties for over 1.5 million square feet of office space at its sprawling Hudson Yards complex on the East Side of Manhattan.

The leasing deal is one of the largest ever for Manhattan offfice space and covers 30 floors and three buildings at Hudson Yards, which will include 1,200,000 square feet in 50 Hudson Yards, 265,000 square feet in 30 Hudson Yards and 57,000 square feet in 55 Hudson Yards.

30 Hudson Yards was developed by Related Companies and Oxford Properties Group. 50 and 55 Hudson Yards were developed by Related Companies, Mitsui Fudosan America and Oxford Properties Group. Cushman & Wakefield represented Facebook in the transaction and Related handled the negotiations in-house.

John Tenanes, VP of global facilities and real estate for Facebook, said, “New York’s vibrant communities, strong business economy and diverse talent base first attracted us to the city in 2007. 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, and we’re excited to expand our offices there starting in 2020.”

Jeff T. Blau, CEO of Related Companies, said, “This is an extraordinary commitment to New York City and Hudson Yards. Hudson Yards continues to be a magnet for talent, attracting the greatest companies across every sector of the economy. 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.”

Dean Shapiro, head of U.S. Development for Oxford Properties Group, said, “Hudson Yards continues to cement its reputation as a destination of choice for employers looking to gain an edge in the war for talent. The array of world-class companies that have been attracted to the project will ensure we are building a vibrant new employment hub for New York. 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.”

30 Hudson Yards is fully leased according to Related, 55 Hudson Yards is 99 percent committed and 50 Hudson Yards, anchored by BlackRock, is now 75% leased two and half years prior to occupancy. Over eight million square feet has been leased or sold at Hudson Yards, bringing the overall leasing commitments to 91 percent of the development.

10 Hudson Yards is home to Guardian Life Insurance Co., L’Oréal USA, Tapestry Inc., The Boston Consulting Group, SAP, VaynerMedia, Intersection and Sidewalk Labs. 55 Hudson Yards is home to Boies, Schiller & Flexner, Engineers Gate, HealthCor Management, Milbank LLP, Point72 Asset Management, Silver Lake, Third Point LLC, MarketAxess and Mount Sinai Health System. 30 Hudson Yards is home to Kohlberg, Kravis & Roberts (KKR), WarnerMedia, Related Companies, Wells Fargo Securities and DNB. 35 Hudson Yards is home to Equinox’s headquarters, Equinox Hotel and Hospital for Special Surgery.

Facebook operates its flagship social network along with Instagram and Whatsapp messaging service. Based in Silicon Valley, Facebook’s properties are used by over 1.6 billion people worldwide everyday.