Posted Feb 12, 2019, 8:33 PM
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Join Date: Jul 2001
Location: Borough of Jersey
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https://therealdeal.com/2019/02/12/v...redevelopment/
Vornado may now be targeting tech tenants at Farley Post Office redevelopment
Steve Roth said 900K sf landmarked building will be "best creative space in Manhattan"
By Kevin Sun
February 12, 2019
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Despite previous reports that it was targeting tenants from the high-growth life sciences industry, Vornado Realty Trust now appears to be broadening its reach at its Farley Post Office redevelopment.
The project, a key part of the redevelopment of the Penn Station complex, will be “the best creative space in Manhattan,” Vornado CEO Steve Roth said on the company’s fourth-quarter earnings call Tuesday morning. “It is a horizontal campus in an iconic landmarked building, much like the horizontal campuses favored by our FAANG tenants in the west,” he added, using an acronym for Facebook, Apple, Amazon, Netflix and Google.
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One of Vornado’s largest tenants is Facebook, which leases at least 750,000 square feet from the landlord, mostly in Midtown South.
One caller asked if this meant that the company was turning away from life sciences to more “traditional” tech tenants. “Maybe,” Roth responded. “We’re an equal opportunity landlord. When an important tenant at proper pricing comes in, we’re very happy to welcome everybody with open arms.”
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The company has seen some interest from science tenants, and more interest from “creative class” tenants, Roth said, and even interest from some “fairly significant” financial firms.
“Once again, this is not a special-purpose building. It’s a building designed to service the entire market,” he concluded.
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