A major repositioning of 5 Penn Plaza, a 650,000 square-footer on Eighth Avenue between West 33rd and 34th streets, has brought the historic building a batch of 21st Century features — and over 70,000 square feet of newly signed leases.
The 1916-vintage structure, originally designed for printing crafts, recently added a second-floor amenities center called “Print & Press,” as well as a Gensler architects-designed double-height lobby and a tenants’ rooftop terrace.
The additions followed extensive renovations and infrastructure improvements by the landlord, 5 Penn Plaza LLC, a firm led by investor Stephen Haymes.
The five new tenants are Noom, Inc; a subscription-based health app; Altus Group, a real estate technology company; Octaura, an electronic trading advisory firm; Veolia, an environmental consultant, and engineering services company Dewberry.
Haymes said, “5 Penn has been a hub of enterprise, communication and technology for the world’s leading companies for over a century. We are thrilled to complete a best-in-class reinvention of this iconic property.”
The 26-story building diagonally opposite Madison Square Garden is about 85% leased. Asking rents are $70s-$80s.
All five new tenants are moving to 5 Penn Plaza from nearby locations in the Penn District and Manhattan West.
The landlord was repped on all of the leases by a JLL agency team of Mitchell Konsker, Kristen Morgan, Christine Colley, Daniel Turkewitz, Greg Wang, and Kate Roush.
The tenants were repped by JLL, CBRE and Savills teams.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
