In 2016 there is a substantial inventory of Class A office space available at 1 Penn Plaza, but 2 Penn Plaza remains 100% occupied. The buildings deliver the highest quality corporate headquarters environment in the area and provide direct access to the Penn Station transportation hub. Vornado Realty Trust, which owns and manages these and nearby buildings, is investing millions in upgrading the entire area. It recently announced an ambitious plan to physically connect 1 and 2 Penn Plaza which would facilitate Tenant mobility and create retail and amenities opportunities.
Facts at a Glance:
1 Penn Plaza: Constructed in 1972, renovated 1995. 57 floors and 2,585,000 SF. 44 elevators. 24/7/365 access. Lobby concierge, enhanced security and turn-style card key access. Fully sprinklered. Parking garage. Telecom providers: Verizon, MCI, TWTC, AT&T, Con Ed, Cogent and TWC. Tenants include: Cisco Systems, Citi Group, AECOM Global and Morgan Stanley.
2 Penn Plaza: Constructed in 1968, renovations ongoing. 31 floors and 1,619,000 SF. 22 elevators. 24/7/365 access. Lobby concierge, enhanced security and turn-style card key access. Fully sprinklered. Telecom providers: Verizon, Cogent, AT&T and Time Warner Cable. Tenants include: Madison Square Garden, McGraw Hill and Tetra Tech.
Leasing Office Space at 1 Penn Plaza
Contact the Tenant Representation firm of Cogent Realty Advisors for the most up to date inventory and pricing: (212) 509-4049.
In 2016, asking rents start from $64.00 per rentable square foot on lower floors and increase to $77.00 on the 32nd floor and above. Electrical consumption is sub-metered. Most of the space at 1 Penn Plaza is delivered in a demolished condition, although move-in ready pre-built offices are sometimes available. Typically, Tenants elect to manage the construction of their own office. The Landlord will provide a Tenant Improvement Package that includes a Cash Contribution coupled with a Rent Abatement which will offset most of the cost and time that it takes to build an office. When needed, Vornado has the staff and expertise to build-to-suit your office.
1 Penn Plaza Class A Office Space for Lease IN 2016
About Cogent Realty Advisors
Cogent Realty is an independent and licensed NO FEE Tenant Representation Broker with over 15 years of experience representing NYC business. Cogent maintains an extensive building and owner database as well as current “closed deal” contract information. Our goal is to secure the right office for your business at the right price. Phone: Mitchell Waldman (212) 509-4049.