Posted Aug 4, 2020, 7:08 PM
|
 |
New Yorker for life
|
|
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,766
|
|
Vornado has been very patient, (some would say too slow), in waiting to redevelope the area. With 1 and 2 Penn moving forward, and Farley nearing completion, the stage is set for the other pieces to come together.
https://www.bloomberg.com/news/artic...-office-market
Facebook’s Big Lease Shows Confidence in Manhattan Office Market
By Natalie Wong
August 4, 2020
Quote:
The future for Manhattan offices is looking up.
Big New York landlords have insisted that demand for offices would rebound after the pandemic, which curtailed deals and shuttered towers for months, sending everyone to work from home. Now, Facebook Inc.’s new lease at Vornado Realty Trust’s Farley Building, a former post office near Pennsylvania Station, is adding credence to that thesis.
|
Quote:
Facebook is taking over the whole office portion of the property, a commitment that Vornado Chief Executive Officer Steven Roth called “a dramatic statement” by one of the world’s premiere tech companies.
“This deal reinforces New York City as a great, unique place to do business,” Roth said on a conference call with analysts. “With an unlimited highly educated workforce, New York continues to be the place to be.”
|
Quote:
Facebook’s latest lease ends Vornado’s years-long search for a tenant for the Farley Building, part of a $2 billion plan to modernize what the real estate investment trust calls the Penn District.
The deal is “proof that businesses intend to return to the office,” and provides a boost to Vornado’s broader redevelopment plan, Piper Sandler Cos. analyst Alexander Goldfarb wrote in a note to clients.
|
__________________
NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
|