A serious repositioning of 5 Penn Plaza, a 650,000 square-footer on Eighth Avenue between West thirty third and thirty fourth streets, has introduced the historic constructing a batch of twenty first Century options — and over 70,000 sq. ft of newly signed leases.
The 1916-vintage construction, initially designed for printing crafts, just lately added a second-floor facilities middle known as “Print & Press,” in addition to a Gensler architects-designed double-height foyer and a tenants’ rooftop terrace.
The additions adopted intensive renovations and infrastructure enhancements by the owner, 5 Penn Plaza LLC, a agency led by investor Stephen Haymes.
The 5 new tenants are Noom, Inc; a subscription-based well being app; Altus Group, an actual property know-how firm; Octaura, an digital buying and selling advisory agency; Veolia, an environmental guide, and engineering companies firm Dewberry.
Haymes stated, “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 constructing diagonally reverse Madison Sq. Backyard is about 85% leased. Asking rents are $70s-$80s.
All 5 new tenants are shifting to five Penn Plaza from close by areas within the Penn District and Manhattan West.
The owner was repped on the entire leases by a JLL company crew of Mitchell Konsker, Kristen Morgan, Christine Colley, Daniel Turkewitz, Greg Wang, and Kate Roush.
The tenants have been repped by JLL, CBRE and Savills groups.
