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.
Recommended For You
Manhattan overall posted 5.68 million square feet of leasing activity in Q1, up 96% from Q1 2021, according to CBRE. Leasing was slow in January and February due to the Omicron surge, but tenants returned to the market in force in March, helping to drive a strong finish to the quarter and creating optimism about the market regaining momentum in Q2.
Financial services and the tech industry are driving much of the activity. Notable deals by tech firms in the first quarter include IBM, which took 328,000 square feet at 1 Madison Ave.,Chainalysis, which leased 78,000 square feet at 114 Fifth Ave. and Celonis, which signed on for 75,000 square feet at 1 World Trade Center.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
