Facebook Leases 730,000 Square Feet at Vornado’s Farley Building
03 Agosto 2020 - 10:11PM
Vornado Realty Trust (NYSE: VNO) today announced that Facebook
(Nasdaq: FB) has leased 730,000 square feet 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 majestic Moynihan Train Hall;
and 120,000 square feet 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, Chairman and Chief Executive
Officer 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.
Vornado’s transformation of the PENN DISTRICT is
well underway, anchored by the previously announced redevelopments
of Farley, PENN 1 and PENN 2. Renderings of the Farley
redevelopment and additional information on the PENN DISTRICT are
available at https://www.vno.com/penn-district.
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 5 percent by The Related Companies.
Founded in 2004, Facebook's mission is to give
people the power to build community and bring the world closer
together. People use Facebook's apps and technologies to connect
with friends and family, find communities and grow businesses.
Vornado Realty Trust is a fully-integrated
equity real estate investment trust.
CONTACTS
Vornado Realty Trust:Joseph Macnow(212) 894-7000
Facebook:Jamila Reeves (650) 407-8295
Certain statements contained herein may
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. For a
discussion of factors that could materially affect the outcome of
our forward-looking statements and our future results and financial
condition, see “Risk Factors” in Part I, Item 1A, of our Annual
Report on Form 10-K for the year ended December 31, 2019 and "Item
1A. Risk Factors" in Part II of our Quarterly Report on Form 10-Q
for the quarterly period ended June 30, 2020. Such factors include,
among others, risks associated with the timing of and costs
associated with property improvements, financing commitments and
general competitive factors. Currently, one of the most significant
factors is the ongoing adverse effect of the COVID-19 pandemic on
our business, financial condition, results of operations, cash
flows, operating performance and the effect it will have on our
tenants, the global, national, regional and local economies and
financial markets and the real estate market in general. The extent
of the impact of the COVID-19 pandemic will depend on future
developments, including the duration of the pandemic, which are
highly uncertain at this time but that impact could be material.
Moreover, you are cautioned that the COVID-19 pandemic will
heighten many of the risks identified in "Item 1A. Risk Factors" in
Part I of our Annual Report on Form 10-K for the year ended
December 31, 2019, as well as the risks set forth in "Item 1A. Risk
Factors" in Part II of our Quarterly Report on Form 10-Q for the
quarterly period ended June 30, 2020.
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/f9bea38f-308e-4718-923a-170d6e4c3c17
https://www.globenewswire.com/NewsRoom/AttachmentNg/63badc89-310c-40a2-bf34-25e47f9c2d3e
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