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PENN 2 went through a complete redevelopment last year. Image courtesy of Vornado Realty Trust
” data-medium-file=”https://adsmith.news/wp-content/uploads/2024/01/PENN-2-Hero-credit-Vornado-Realty-Trust.jpg?w=300″ data-large-file=”https://adsmith.news/wp-content/uploads/2024/01/PENN-2-Hero-credit-Vornado-Realty-Trust.jpg?w=1000″ data-wp-effect–setstylesonresize=”effects.core.image.setStylesOnResize” data-wp-effect=”effects.core.image.setButtonStyles” data-wp-init=”effects.core.image.initOriginImage” data-wp-on–click=”actions.core.image.showLightbox” data-wp-on–load=”actions.core.image.handleLoad” src=”https://adsmith.news/wp-content/uploads/2024/01/PENN-2-Hero-credit-Vornado-Realty-Trust.jpg?w=300″ alt=”PENN 2 is a 1.8 million-square-foot, recently updated building in Midtown.” class=”wp-image-1004696903″ srcset=”https://adsmith.news/wp-content/uploads/2024/01/PENN-2-Hero-credit-Vornado-Realty-Trust.jpg 1000w, https://adsmith.news/wp-content/uploads/2024/01/PENN-2-Hero-credit-Vornado-Realty-Trust.jpg?resize=300,225 300w, https://adsmith.news/wp-content/uploads/2024/01/PENN-2-Hero-credit-Vornado-Realty-Trust.jpg?resize=768,576 768w” sizes=”(max-width: 1000px) 100vw, 1000px”>
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PENN 2 went through a complete redevelopment last year. Image courtesy of Vornado Realty Trust
” data-medium-file=”https://adsmith.news/wp-content/uploads/2024/01/PENN-2-Hero-credit-Vornado-Realty-Trust.jpg?w=300″ data-large-file=”https://adsmith.news/wp-content/uploads/2024/01/PENN-2-Hero-credit-Vornado-Realty-Trust.jpg?w=1000″ data-wp-bind–src=”context.core.image.imageCurrentSrc” data-wp-style–object-fit=”selectors.core.image.lightboxObjectFit” src=”https://www.commercialsearch.com/news/vornado-taps-cushman-wakefield-to-lease-manhattan-tower/” alt=”PENN 2 is a 1.8 million-square-foot, recently updated building in Midtown.” class=”wp-image-1004696903″>
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PENN 2 went through a complete redevelopment last year. Image courtesy of Vornado Realty Trust
” data-medium-file=”https://adsmith.news/wp-content/uploads/2024/01/PENN-2-Hero-credit-Vornado-Realty-Trust.jpg?w=300″ data-large-file=”https://adsmith.news/wp-content/uploads/2024/01/PENN-2-Hero-credit-Vornado-Realty-Trust.jpg?w=1000″ data-wp-bind–src=”selectors.core.image.enlargedImgSrc” data-wp-style–object-fit=”selectors.core.image.lightboxObjectFit” src=”https://www.commercialsearch.com/news/vornado-taps-cushman-wakefield-to-lease-manhattan-tower/” alt=”PENN 2 is a 1.8 million-square-foot, recently updated building in Midtown.” class=”wp-image-1004696903″>
Vornado Realty Trust has appointed Cushman & Wakefield as exclusive leasing agent for PENN 2, a 1.8 million-square-foot high-rise in Midtown Manhattan.
The firm’s Chairman of Global Brokerage Bruce Mosler and Executive Vice Chair Josh Kuriloff will lead the leasing efforts. Mosler was recently part of the team that represented BXP and J.P. Morgan Global Alternatives in a 115,382-square-foot lease expansion at another Midtown office building.
The Class A building is part of the PENN DISTRICT, a 10 million-square-foot master-planned project that includes PENN 1, The Farley Building, PENN 11 and the prospective PENN 15, which is expected to measure some 2.7 million square feet. Other tenants within the campus include Meta, Morgan Stanley, Amazon, Samsung, The Hartford and Madison Square Garden Entertainment Corp, which signed a 428,000-square-foot lease in 2021.
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The LEED Gold-certified high-rise features floorplates ranging between 61,000 and 105,000 square feet. Amenities at the 2.7-acre asset include a lobby café and multiple tenant lounges, as well as 70,000 square feet of retail space.
Located at 2 Pennsylvania Plaza on the west side of 7th Ave., the tower is less than half a mile from the Empire State Building and 2.4 miles from Lower Manhattan. John F. Kennedy International Airport is some 15 miles southeast.
A recently redeveloped building
Dating back to 1968, the PENN 2 tower went through a complete renovation totaling $750 million that finished last year. Upgrades at the 31-story tower were conducted by architecture firms MdeAS, Foster & Partners, A + I, Future Green and MNLA.
The redevelopment involved a glass curtain wall, a triple-height lobby, 72,000 square feet of outdoor green spaces and a 17,000-square-foot rooftop park. In addition, there are 16 new double-height outdoor tenant loggias and a six-story podium comprising 105,000 square feet of column-free space. Plans also call for a 300-seat town hall above the 33rd Street Plaza.
Recent deals in Manhattan
In the largest office lease of last year, Fisher Brothers and institutional investors advised by J.P. Morgan Global Alternatives have signed a long-term, 765,000-square-foot leasing agreement at 1345 Avenue of the Americas, an approximately 2 million-square-foot office building in Midtown Manhattan. Additionally, PJT Partners renewed and expanded its lease at SL Green Realty Corp. and Vornado Realty Trust’s 280 Park Ave. The investment bank will occupy 270,000 square feet for 15 years.
As of November, Manhattan had a vacancy rate of 17.4 percent, 80 basis points lower than the national average, the latest CommercialEdge office report shows. The borough maintained its position as the most expensive U.S. market for office leasing, with an average of $70.8 per square foot—the average rate dropping 5.3 percent year-over-year.
