Office

With core assets delivering thin returns, institutional investors are looking at value-add and redevelopment opportunities.

The New York-based startup has leased 116,000 square feet (nearly 11,000 square meters) of office space spanning four floors at RXR’s 530 Fifth Ave. The target is businesses with 10 to 100 employees.

Higher education is key to hiring more tech talent, so employers are locating in cities with the most highly-educated populations.

The building’s owners, MetLife, the John Buck Co. and Golub & Co. are hoping to sell a 49 percent ownership stake in the tower.

The office REIT is working with Morgan Stanley after being approached by potential buyers earlier this summer.

Exactly one year later, negotiations with 20 finalist cities from New York to Los Angeles have retreated behind closed doors.

Facebook plans to redevelop whole swaths of the land it holds in Menlo Park, Calif., potentially doubling its workforce there over the next decade to 35,000 people.

The company is negotiating to take about 200,000 square feet (18,600 square meters) in the lower Manhattan skyscraper, according to a person with knowledge of the discussions.