The deal looming over the Farley Building, formerly known as the 1912 James A. Farley Post Office, comes as tech companies are in a mad dash to occupy the most prized real estate in the city, according to The Wall Street Journal.
The landmark in Midtown was built in the early 1900s and is undergoing “complete transformation to become New York City's best-in-class creative office hub,” according to Vornado Realty Trust.
Facebook has not immediately returned FOX Business' request for comment.
The building will house about 740,000 square feet of office space and 120,000 square feet of retail space with a “new majestic train hall,” according to Vornado Realty Trust's website.
Facebook is reportedly looking to occupy roughly 700,000 of the available office space, potentially creating more than 14,000 jobs, the Journal reported, citing rough estimates by real estate consultants.
The move comes just after Amazon sent shockwaves throughout the business community when it abruptly dropped plans for a big new headquarters in New York that would have brought 25,000 jobs to the city.
Earlier this month, the company locked down a deal to acquire over 1.5 million square feet of space across 30 floors and three buildings in New York City’s Hudson Yards, a neighborhood on Manhattan’s West Side that is home to more than 100 shops and restaurants.
The deal encompasses approximately 1,200,000 square feet in 50 Hudson Yards, approximately 265,000 square feet in 30 Hudson Yards and approximately 57,000 square feet in 55 Hudson Yards.
The lease at Farleys, combined with the Hudson Yards deal as well as the company's existing offices in the city, would put the company at more than 3 million square feet of New York office space, according to the Journal.
To date, Facebook has 85 office locations throughout 35 countries and is headquartered in Menlo Park, California.
The Associated Press contributed to this report.