One Penn Plaza is Renovating and Re-branding as PENN 1
One Penn Plaza is renovating and re-branding as PENN 1. The office tower is located directly above Penn Station at 34th Street and Seventh Avenue. Penn Station is the busiest terminal in North America and used by 650,000 rail commuters each day and tens of thousands of subway riders. The PENN 1 renovations will yield a contemporary corporate environment and Tenant amenities that rival the under construction Hudson Yard office buildings on the far west side. Vornado Realty Trust (NYSE: VNO) has earmarked $200 million for the project.
One Penn Plaza at a Glance
• Class A office tower constructed in 1972. • 2,524,000 square feet total building area. 57 stories tall and rising 750 feet. • 24 hour 7 day per week access and concierge attended lobby. Enhanced security monitoring and turn-style card access. • 44 passenger and 2 freight elevators. • Ceiling heights from 12′ to 15′. Floor loads 50 lbs. per SF. Electricity 6 watts per USF. • Central HVAC provided during standard business hours. Overtime and supplemental AC is available. • Fully sprinklered building with emergency lighting and power. • LEED and Energy Star certified. • Telecom providers include Verizon, Cogent, MCI/Verizon Business, Time Warner Telecom, Con Ed, AT&T, Time Warner Cable, Direct TV, Light Tower. • Direct access to Penn Station by building elevator, escalator and stairs. • Parking garage in the building.
The PENN 1 CONCEPT
PENN 1’s renovation and re-branding concept is subject to change.
|Current Entrance On 34th Street||PENN 1 Entrance on 34th Street|
|Current Lobby||PENN 1 Lobby|
|PENN 1 Lobby||PENN 1 Ground Floor|
PENN 1 Amenity Floor: Includes: Restaurant with private dining, a bar, meeting rooms, wellness and conference center.
|PENN 1 Roof Terrace, 7th Floor|
|PENN 1 33rd Street Entrance||PENN 1 Sample Pre-built Office|
PENN 1 “Best in Class Office Space”
PENN 1 (One Penn Plaza) provides high quality office space to diverse industries. Current Tenants include Citigroup, Cisco, AECOM, Level3 Communications, Morgan Stanley, Siemens, Goetz Fitzpatrick LLP, as well as numerous small entrepreneurial firms. All Tenant’s benefit from an impeccably maintained building and professional management.
Current and Future Availability and Rents
At the present time One Penn Plaza is renting offices ranging in size from small to entire floors with asking rents starting at $75.00 per square foot. As an incentive to lease, the Landlord will custom build your office space to a very high standard. Once the PENN 1 renovation is concluded asking rents are projected to increase to $85.00 per square foot.
ABOUT COGENT REALTY ADVISORS
Cogent Realty Advisors is an independent and licensed NO FEE Realtor with over 15 years of experience representing businesses that lease NYC office space. Our goal is to help you find the right office at the right price. For information, phone Mitchell Waldman at (212) 509-4049.