Facebook is moving in with AOL and The Huffington Post. According to Crain’s New York, the social network giant has signed a 10 year lease for a 100,000 square feet space, in the building that AOL and HuffPost already call home.
As part of the deal, Facebook will be taking 770 Broadway’s entire eighth floor and some of its seventh. There’s also an option for Facebook to increase its space to 160,000 feet in two years.
Crain’s estimates that space at the Midtown South spot goes for around $70 per square foot, so Facebook is dropping about $7 million a year to be there.
The company must like the location a lot. Or: By moving to 770 Broadway, Facebook is really updating its status. Either one.