NEW YORK - Facebook has closed on a deal to lease 730,000 square feet of office space in the Farley Building in Manhattan - a sign the social media giant is betting big on the city bouncing back after the coronavirus pandemic.
It's the old post office site across from Madison Square Garden and the centerpiece of Vornado Realty's Penn-Farley complex.
Last year, Facebook inked a deal to lease space just a short walk away at Hudson Yards. It already has office space in two Manhattan buildings, inlcuding one near Astor Place.
The social media giant says the Farley location will be a dedicated hub for its tech and engineering teams.
The move sent Vornado shares higher in pre-market trading - they jumped seven percent on the announcement.
The stock has taken a big hit this year on doubts about commercial real estate during the pandemic.