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Facebook just signed a lease for a massive new office in New York City's $25 billion neighborhood, Hudson Yards (FB)

  • Facebook has signed a lease for a new office space within the Hudson Yards development in New York City.
  • Facebook will lease over 1.5 million square feet of office space across 30 floors and three buildings, Hudson Yards confirmed in an announcement Thursday.
  • Hudson Yards, one of the largest and most expensive developments in US history, officially opened in March, but isn't set to be completed until 2024.
  • Visit Business Insider's homepage for more stories.

Facebook has signed a lease for a massive new office in New York City's Hudson Yards development.

The social media giant will occupy over 1.5 million square feet of office space throughout three buildings and 30 floors beginning in 2020, Hudson Yards announced on Thursday. The company's headquarters are in Menlo Park, California, and its current Manhattan office is in Greenwich Village.

Hudson Yards is a $25 billion mega-development that opened in March 2019 near the Chelsea and Hell's Kitchen neighborhoods. It's also one of the largest developments in the US, sitting on 14 acres of public space and comprising 18 million square feet.

Some buildings are complete or nearly complete, including the iconic Vessel, a 150-foot-tall, $200 million structure that has come to be associated with the development.

The site is also currently home to over 700,000 square feet of retail space, anchored by the city's first Nieman Marcus. The entire project is not expected to be completed until 2024.  

Not everyone is supportive of the Hudson Yards venture. Beyond aesthetic critiques, an April report from CityLab showed that the upscale development got over $1 billion in EB-5 funding, which is intended to combat urban poverty and increase investment in "distressed urban areas." While Hudson Yards doesn't sit in one of those areas, the developer of the site was able to make a case for its proximity to Harlem, where the employment rate is low enough in some places to qualify. 

A Hudson Yards spokesperson told Business Insider in April that "This capital, which comes at no cost to the American taxpayers, was the catalyst for the Hudson Yards project and allowed us to immediately create thousands of jobs all over the city."

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