Image via CrunchBase
After moving to the West Coast nearly eight years ago, Facebook is now searching for a space to establish an engineering office in NY. According to Crain’s New York Business, Facebook has shown a keen interest in the former New York Times Building at 229 W. 43rd St. Though Times Square is not a favorite location for tech firms, the Times building now features a basketball court where the publisher’s dining room once was and a 12th floor terrace covered in astro turf, giving it a more whimsical feel.
Currently the company leases roughly 40,000 square feet at 535 Madison Ave and could either expand there or terminate the lease early. If they choose to terminate, brokers say the asking rent at the New York Times Building is somewhere between $70 and $80 a square foot, with Facebook seeking anywhere between 50,000 and 100,000 square feet.
Though there is some concern that Facebook’s poor IPO performance could make landlords think twice about leasing to tech firms, real estate brokers are watching Facebook’s decision intently to give the market a much needed boost in the absence of large moves by financial firms. However, Facebook’s broker and a spokeswoman for the Times Building declined to comment to Crains on the matter.
Own a local business?