PENN 1 Office Building Renovation Update- 34th Street Lobby Open

PENN 1 Office Building Renovation Update- 34th Street Lobby Open

PENN 1’s new 34th Street Lobby

PENN 1, previously known as 1 Penn Plaza, has finished the first phase of a $200 million renovation with the opening of its handsome new 34th Street lobby. When fully completed the renovations will yield a contemporary corporate environment and Tenant amenities that rival the new Hudson Yard office buildings on the far west side. To its advantage, PENN 1 is the only New York City building with direct vertical access to Penn Station, which is also undergoing a massive renovation.

The grand stair will connect to “WorkLife” on the 2nd and 3rd floor which is an amenity ecosystem for tenants to focus on work and self-care. Included are:

• The Landing, a full-service restaurant with private dining rooms

• Lounges for socializing and working

• WorkLife Meetings– a 20,000 square foot conferencing center

• WorkLife Office Suites– 80,000 square feet of adaptable workspace

• WorkLife Wellbeing– 35,000 square feet fitness and wellness center.

PENN 1 Office for Lease

Current asking rents at PENN 1 are $90.00 per square foot. New Tenants have a choice of three office leasing programs:

(1) Raw/unfinished space that the Landlord constructs to your specifications. Included are the services of an architect to assist with space planning.

(2) Raw/unfinished space that a Tenant constructs on its own utilizing money (the “cash contribution”) and time (the “rent abatement”) provided by the Landlord.

(3) Pre-built and previously occupied office space that the Landlord will renovate.

2,060-5,396 rentable square feet. Raw space, Landlord will Build-to-Suit

5,759- 16,779 rentable square feet. Raw space, Landlord will Build-to-Suit.

37,856 rentable square feet. Raw space, Landlord will Build-to-Suit.

NOTE: Several PENN 1 Tenants have listed their offices for Sublease. (Please link to our report Sublease Rewards and Risks.) These offices range in size from 5,000 to 20,000 RSF and include furniture, phones, and equipment. Terms vary from 2- 5 years. Asking rents are highly negotiable. Contact Cogent Realty for information: (212) 509-4049.

PENN 1 – Your Corporate HQ 

• Class A office building constructed in 1972, ongoing $200 million renovation to be completed in 2021

• 2,524,000 total building with floors ranging from 37,000 to 80,000 RSF; 57 stories tall and rising 751 feet

• 24- hour, 7- day access, uniformed lobby concierge, uniformed security, and turn-style access cards for Tenants

• 44 passenger and two freight elevators

• Central HVAC provided Monday to Friday, 8:00 am- 6:00 pm. Overtime and supplemental AC available.

• Fully sprinklered building, emergency lighting and power

• LEED and Energy Star certified

• Conference and meeting rooms available for rent onsite through Industrious.

• Telecom providers include Verizon, Cogent, MCI/Verizon Business, Time Warner Telecom, Con Ed, AT&T, Time Warner Cable, Direct TV, Light Tower

• 695 car underground garage

• Owned and managed by Vornado (VNO), a publicly traded company

• New York, NY 10119

About Cogent Realty Advisors, Inc.

Cogent Realty Advisors is an independent and licensed no fee Realtor with more than 20 years of experience representing businesses that lease NYC office space. We offer leasing solutions for office Tenants seeking stability and value in uncertain times. For information phone Mitchell Waldman at (212) 509-4049.

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