Facebook Inc. plans to lease the Farley Building, a centerpiece of a large New York City project in the works from Vornado Realty Trust , the companies announced Monday afternoon, sending Vornado shares higher in after-hours trading. Facebook is taking all of the available office space, about 730,000 square feet, in the Farley Building, which stretches between 31st and 33rd streets and 8th and 9th avenues in Manhattan. Vornado described Farley as the “cornerstone” of its Penn District project, for which it has 10 million square feet of space and allocated $2 billion to develop the area near Penn Station and Madison Square Garden. “The Farley Building will further anchor our New York footprint and create a dedicated hub for our tech and engineering teams,” Robert Cookson, a Facebook vice president for real estate and facilities, said in the news release. “We look forward to being a part of this iconic New York City landmark’s future for years to come.” Vornado shares jumped more than 7% in after-hours trading after the announcement was made. The stock has suffered amid doubts about commercial real estate in the era of COVID-19, falling 48.8% so far this year.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
- The Margin: ‘Bond King’ billionaire suggests he might follow Joe Rogan’s lead and get out of California - September 27, 2020
- The Margin: Dwayne ‘The Rock’ Johnson stirs up a social-media storm with his first-ever presidential endorsement - September 27, 2020
- Trump picks conservative Amy Coney Barrett for Supreme Court - September 26, 2020