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Jun. 15, 2012

Two Media Giants Scouting for Office Space in NYC

By Veronica Grecu, Associate Editor

Remember when Silicon Valley was the designated location for tech companies? Well, things are about to change as media giants’ quest for new office space in Downtown Manhattan reaches new heights.

Some undisclosed sources quoted by Reuters revealed that Menlo Park, California-based Facebook Inc. (FB.O) and Redmond, Wash.-based Microsoft Corp. (MSFT.O) are looking to expand their footprint in New York City, as well as consolidate their presence on the West coast.

Facebook, the world’s largest and fastest-growing social networking company, opened its first engineering center in New York City in early 2012. The new location added to the company’s existing 40,000-square-foot local office at 335 Madison Ave.,  where it signed a 15-year lease agreement in December 2010.

According to Reuters’ sources, Facebook is now looking for a bigger office of 100,000 to 150,000 square feet. One possible location could be the former New York Times Building at 229 West 43rd St.

The same building was taken into account by Microsoft, which is looking for a new office space of around 200,000 square feet. The company’s current New York office at 1290 Avenue of the Americas is only 174,000 square feet, and the lease agreement will expire in 2014.

Serkan Piantino, the leader of Facebook’s New York engineering office, was quoted by Wired as saying that the reason why Silicon Valley is no longer seen as a Mecca for techies is that the Big Apple still holds the reins of fashion, media and finance—not to mention the large pool of software engineers who would not have to relocate outside their beloved city.

Image courtesy of Facebook Engineering NYC Community Pages