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Leasing

Amazon and Facebook expand in Manhattan

Amazon’s Jeff Bezos (Credit: David Paul Morris/Bloomberg via Getty Images)

Amazon has signed a 335,000 square-foot office lease at SL Green’s 410 Tenth Avenue in the Hudson Yards neighborhood, the WSJ reported. The tech giant will move 1,500 employees into the soon-to-be-redeveloped property in the third quarter of 2021 without any special tax incentives. Asking rents in the building are around $90 per square foot.

  • Old news is good newsFacebook has been in talks to lease around 700,000 square feet at the Farley Building as reported by the NYPost in September. The new space would be in addition to Facebook’s recent deal to lease 1.5 million square feet in Hudson Yards where the social media giant didn’t get any direct city or state financial inducements.
  • Flashback: Lose the battle, win the war: As the Amazon-LIC proposed deal started to turn into a PR nightmare, it became clear that this headache was not going away. In hindsight, Amazon failed to persuade local officials to support the project and simply negotiated with the Mayor and Governor. Moreover, Amazon did a poor job of preemptively selling the economic benefits of their move. Seems like other tech companies are now afraid to go the same route and have learned from the debacle.

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