More Technical Difficulties
Commercial Observer
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Tech companies’ pullback in leasing over the past several months has damaged office markets coast to coast. Peel back another Band-Aid as Facebook now plans to exit hundreds of thousands of additional square feet in Manhattan. Speaking of tech, the driving decision-maker in Google’s physical expansion over the last decade is leaving the company for a post at an investment firm.
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— Tom Acitelli, Deputy Editor
Meta Exits 275K SF at 770 Broadway
Facebook plans to cut more of its New York City office presence. Its parent company Meta will downsize its office at 770 Broadway by 275,000 square feet when its lease expires later this year, landlord Vornado Realty Trust said in an earnings call Tuesday morning. The social media giant was a massive boon to the city’s leasing market in recent years — signing a blockbuster, 730,000-square-foot lease at Vornado’s Farley Post Office development in 2020 — but has started to reverse course. Facebook previously walked back its plans to expand at the landmarked 1.2 million-square-foot 770 Broadway and instead will shrink its footprint by about 35 percent.
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Paul Darrah Joins Citadel to Lead Real Estate Operations After 7 Years at Google
Google’s Paul Darrah is taking his talents to investment firm Citadel after an almost seven-year stint as head of New York City real estate at the tech giant, Commercial Observer has learned. Darrah will take over as chief workplace officer of Citadel, starting at the end of the month, and will manage the firm’s global real estate footprint, which includes 19 offices worldwide, a Citadel spokesperson confirmed. “He’s got an excellent eye,” CBRE’s Darcy Stacom, an investment sales broker who worked with Darrah on a number of deals, told CO. “When you’re looking at what you can do physically with an asset … I always found him to be very strategic.”
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