Facebook leases 7.3 lakh sq ft space at Farley Building in New York – ET RealEstate

NEW YORK: Facebook has leased all the office space at the landmark Farley Building, a 1912 Beaux Arts former post office in Manhattan, in a deal that marks a major expansion of the company’s business operations in the city.

Terms of the deal were not disclosed by Facebook Inc and the property’s majority owner, Vornado Realty Trust.

Facebook agreed to lease 730,000 square feet at Farley, a building that occupies a double-wide block facing Ninth Avenue across the street from Madison Square Garden, the two companies said in a statement.

Facebook spokeswoman Jamila Reeves said Farley will be a tech and engineering hub that will allow the company to grow teams in New York that before were located in the company’s San Francisco and Menlo Park headquarters in California.

The leased space in the Farley Building is expected to open in late 2021, Reeves said. Manhattan is Facebook’s largest operation on the East Coast, with just over 4,000 employees, more than half of whom are engineers, she said.

The lease reinforces New York’s position as the nation’s second tech hub, said Steven Roth, chairman and chief executive of Vornado.

Spokeswomen for both Facebook and Vornado declined to discuss specifics of the deal, long heralded by media.

Source link

ANSR leases three lakh sq ft space from Embassy Office Parks in Bengaluru – ET RealEstate

MUMBAI | BENGALURU: In the first major office leasing transaction since the Covid-19 outbreak, global consulting firm ANSR’s India arm has leased 300,000 sq ft space across eight floors in Embassy NXT in Bengaluru.

The Dallas-headquartered company has leased the area from Embassy Office Parks’ commercial project for a tenure of 10 years to expand operations in India.

The rentals for the lease have been set at Rs 120 per sq ft a month, with the agreement carrying a rental reset clause every three years, according to people privy to the details.

ANSR has leased this space in addition to its existing 350,000 sq ft with Embassy Office Parks, taking its cumulative area to 650,000 sq ft.

The new office will be operational from October.

The long-term deal assumes significance in the backdrop of ongoing buzz around the possibility of a work-from-home model disrupting transactions in commercial real estate.

“There is no getting away from the fact that India is the epicentre of the global technology sector, which is performing well even during the pandemic. Companies will offer flexibility to its employees, but office demand will continue to be robust in the medium to long term,” said Mike Holland, CEO, Embassy REIT.

Holland confirmed the deal but declined to comment on the commercial terms.

ANSR has leased the office in the new office tower in Embassy Manyata Business Park, the flagship asset owned by Embassy Office Parks REIT.

“We are looking to hire over 10,000 new employees in the next six months in India and the new office will accommodate around 2,200 of those from October. We already have 67,000 employees in India serving 52 global companies,” said Lalit Ahuja, CEO, ANSR. “Based on our interaction with clients, there’s a lot of interest among global companies to come to India.”

ANSR specialises in research and advisory services, set-up and operation of global capability centres, and execution of development and innovation programmes.

Sponsored by the US-based private equity and alternative asset management major Blackstone Group and Bengaluru-based Embassy Group, Embassy REIT owns 33 million sq ft office space across India.

More than 80% of Embassy REITs’ tenants, by area leased, are global corporate entities such as JPMorgan, IBM, Facebook and Google.

In the last major office space transaction that was recorded in March prior to lockdown, the US-based Cognizant Technology Solutions’ India arm had leased a 350,000 sq ft office space on a nine-year lease in DLF’s information technology park at Kolkata’s Rajarhat locality.

Source link