Penn 1 Office Sublease Guide from $40.00 SF
Penn 1 Office Sublease Guide from $40.00 SF reports on high quality occupied work spaces that are now listed for sublease due to the impacts of the Covid-19 pandemic. For forward looking firms, a return to a central office (post vaccine) is inevitable. At this moment in the real estate cycle exceptional values can be secured by subleasing a discounted fully furnished office.
Use this link for Cogent Realty’s analysis of Sublease Rewards and Risks.
Working at Penn 1
• Ultra- accessible location at Penn Station minimizes commuting time
• 695 car underground garage
• Owned and managed by Vornado, a publically traded company
• Class A high quality full service office environment
• 24/7 access, concierge attended lobby and security monitoring
• Telecom providers include Verizon, Cogent, MCI/Verizon Business, Time Warner Telecom, Con Ed, AT&T, Time Warner Cable, Direct TV, Light Tower
Offices for Sublease at Penn 1
In a distressed market like what we are experiencing in 2020, sublease rents are often heavily discounted. According to a recent report in Globe St.com “Class-A asking rents in CBD markets are down by 2.7%, while sublease space is currently leasing at an average 23.9% discount compared to direct lease space, per data from Colliers International. This is above historical discounts for sublease space.”
Remarks about Subleases:
- Sublease rents are negotiable and their pricing strategy is variable. Some subleases are immediately advertised with a discounted rent. Alternatively, a sublease may be advertised with the rent currently paid by the Sub-landlord which sets the starting point for negotiations.
- Where sublease term lengths are shorter than desired, it is often possible to obtain a separate direct lease with the building owner for additional years which are typically at a higher rental rate.
A partial list of sublease offices follows. Call for updated information: (212) 509-4049.
Partial Floor: 7,000 – 19,437 RSF
Full Floor: 37,867 RSF
Panoramic views complemented by a multi-million dollar high-tech turn-key installation. Floor plans and details on request. Asking rent is $40.00.
About Cogent Realty Advisors, Inc.
Cogent Realty Advisors is an independent and licensed no fee Realtor with 20 years of experience representing businesses that lease NYC office space. We offer solutions for office Tenants seeking stability and value in uncertain times. For information phone Mitchell Waldman at (212) 509-4049.