04.02.18 - Vornado and Related Venture Hoping to Create Research Center at Farley Building
"The venture of Vornado Realty Trust and Related Cos. behind the commercial redevelopment of the old Farley Post Office Building in Midtown Manhattan is focusing on a modern and high-tech use of the 105-year-old structure as its long-delayed makeover into a grand train hall gains traction... the venture has a 99-year lease to develop about 900,000 square feet of office and retail space, is gearing up to attract biotechnology, pharmaceutical and other life-sciences businesses to the massive Roman classic structure."
"The joint venture’s effort highlights the recognition among the city’s biggest real-estate developers that the city’s office market will be powered by new types of businesses. For the last decade, expanding technology firms have eclipsed New York’s financial-services industry as the biggest engine of growth."
"The team also is marketing the five-story building as a horizontal campus, stretching two city blocks and offering massive floor sizes upward of 100,000 square feet, high ceilings and a 70,000-square-foot green space on the roof with a glass and steel amphitheater."
Read the full Wall Street Journal article here