Preheat oven to 350 degrees. Grease a 15x10x1-inch cookie sheet.
In a saucepan, combine water, 1 cup butter, and 1/3 cup of cocoa powder. Bring to a boil, stirring constantly, then remove from heat.
1 cup water, 1 cup unsalted butter, 1/3 cup cocoa powder
In a medium bowl, add flour, sugar, baking soda, and salt, then stir. Add melted butter and cocoa mixture to dry ingredients and mix on medium speed until incorporated. Add eggs, 1/2 cup buttermilk, and vanilla, and beat for a minute.
Pour into prepared pan, and bake at 350 degrees for 30-35 minutes, until cake tester comes out clean.
Make frosting near the end of the baking time. In a saucepan, combine remaining 3 tablespoons butter, 5 tablespoons cocoa powder, and 1/3 cup buttermilk and turn heat to medium. Bring mixture to a boil, then remove from heat.
3 tablespoons butter, 5 tablespoons cocoa powder, 1/3 cup buttermilk
Add powdered sugar and the last 2 1/2 tablespoons vanilla and mix, starting on low, then beating on high until the mixture is smooth.
Store any leftovers in a tightly sealed container with parchment paper between layers on your counter for 2-3 days. These also freeze extremely well for 1-2 months (and are tasty straight from the freezer).
For more tips and tricks, be sure to read the full article above.