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Facebook is expanding to a total of 880K SF at 770 Broadway in a deal that precipitates J.Crew moving its headquarters to Lower Manhattan.
Vornado paid $35M to buy out J.Crew’s space at the building, The Real Deal reports. Facebook then inked a lease with the firm for an extra 370K SF in the building.
To replace its large, more expensive headquarters, J.Crew has subleased Bank of New York Mellon’s 350K SF spread at 225 Liberty St. at Brookfield Place.
The retailer is paying rents in mid-$50s per SF for a 16-year lease, according to TRD. BNY Mellon signed the headquarters lease at 255 Liberty St. in 2014 after it sold its former headquarters at One Wall Street to Macklowe Properties. The bank now plans to move all its employees from Brookfield Place at 101 Barclay St.
JLL’s Rob Martin, Joe Messina and TJ Hochanadel represented J.Crew in the buyout and the sublease with BNY Mellon. Peter Riguardi worked with Martin on J.Crew’s buyout, and represented BNY Mellon in the sublease along with Frank Doyle and Mike Berg.
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