In yet another example of a tech giant gobbling up office space in New York, Facebook is leasing roughly 300,000-square feet in Manhattan, according to Bloomberg, which cited anonymous sources.
The new space will be at 770 Broadway, a 1.2-million-square-foot in the Midtown South submarket that is owned by Vornado Realty Trust.
The transaction, of course, is good news for the city, which is still struggling with half-empty buildings shunned by workers reluctant to return to the office. But transactions like Facebook's add to the growing evidence that the city's office market is on a recovery track.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
