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HomeBreaking News: KKR moves into NYC space vacated by Facebook’s parent Meta: WSJ

: KKR moves into NYC space vacated by Facebook’s parent Meta: WSJ

'Quick read' news summary

Private equity investment firm KKR & Co. Inc. KKR, +1.65% has signed a lease to increase its headquarters size in New York City’s 30 Hudson Yards by 220,000 square feet, The Wall Street Journal reported on Friday. The office footage includes a sizeable chunk of space that Meta Platforms Inc. META, +2.43% is exiting, the newspaper reported. KKR paid more than $500 million in 2021 for a majority stake in the 2.6 million square foot 30 Hudson Yards building’s observation deck. It already owns about 240,000 square feet in the building. The latest deal deal illustrates demand for office space despite recession and an increase in remote work. Citing data from real estate broker Savills, WSJ reported that nearly 19% of Class A office space was available for lease in Manhattan in the fourth quarter, compared to 11.5% in the first quarter of 2019.

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