Renting an Office at Penn Station, NY

Renting an Office at Penn Station, NY

Once known mainly as a transit hub with tired office space above it, Penn Station has become one of Midtown’s most compelling business addresses — offering unmatched connectivity at rents that often beat the rest of Manhattan.

Why It Works –

1. Unbeatable transit access:  LIRR, NJ Transit, Amtrak, and multiple subways converge here, making recruiting and client visits easier for anyone commuting from Long Island, New Jersey, or Connecticut.
2. A neighborhood on the rise:  Vornado’s $1.2 billion renovation of PENN 1 and PENN 2 brought new glass facades, triple-height lobbies, and a direct Seventh Avenue entrances, elevating the area from “convenient but dated” to a genuine trophy submarket.
3. Options for every budget: from trophy towers to Garment District lofts to flexible coworking space, few Midtown submarkets offer this many choices.
4. Strong amenities: there are restaurants, afterwork venues, shopping, services and Madison Square Garden.

Ready to find your next office?

Cogent Realty Advisors is a licensed no-fee real estate broker representing companies that lease office space. We’ll help you find the right space and negotiate the best possible terms.

 

The Penn Station Office Market

• 263 office buildings

• 71.4M total square feet

• $42.97 per square foot average asking rent

• 12.1% vacancy rate

Information provided by Costar, the world leader in commercial real estate information.

 

 

 

Renting an Office at Penn Station, NY: Office Buildings You Should Know

PENN 1

♦ Located on 34th Street between 7th and 8th Avenue,  and offering direct terminal access

♦ 2,315,128 RSF Class A building offering a “best in class” corporate campus

♦ $200 million renovation includes a new lobby and 2nd floor Tenant Amenity Center

♦ 35,000 SF fitness and wellness center, 20,000 SF conferencing facility and 80,000 SF of adaptable workspace offering single private office rentals

♦ Custom build-to-suit offices. Asking rents from $95.00 PSF

♦ Distinguished Tenant roster includes Citigroup, Morgan Stanley, United Healthcare, CISCO, and Samsung

PENN 2

♦ 1,825,000 RSF Class A building, fully renovated and trophy quality

♦ New tenant lounges, Town Hall auditorium, private terraces and 17,000 SF rooftop park

♦ Custom build-to-suit offices. Call for rent.

♦ Tenants include Verizon, Universal Music, Snap and Major League Soccer

 

 

 

 

PENN 2

♦ 1,825,000 RSF Class A building, fully renovated and trophy quality

♦ New tenant lounges, Town Hall auditorium, private terraces and 17,000 SF rooftop park

♦ Custom build-to-suit offices. Call for rent.

♦ Tenants include Verizon, Universal Music, Snap and Major League Soccer

 

 

 

450 SEVENTH AVENUE 

♦ Located at the northwest corner of 34th Street

♦ Class B office building (1930) 520,000 RSF

♦ Recently completed renovations of the lobby, elevators, corridors and bathrooms

♦ New conference center and roof top lounge

♦ Primarily occupied by small- and mid-size firms including law, accounting, insurance and technology

♦ Efficient pre-built offices and custom build-to-suit opportunities. Asking rents range from $52,00 PSF.

♦ Owner occupied and managed

 

 

 

14 PENN PLAZA

♦ aka 225 West 34th Street, between 7th and 8th Avenue

♦ 582,066 rentable square foot Class B office building (1925), modernized

♦ 24/7 access and uniformed lobby attendant

♦ Pre-built offices and custom build-to-suit opportunities. Asking rents are from $65.00 PSF

♦ Regus private offices and conference center

 

 

 

7 PENN PLAZA

♦ aka 370 Seventh Avenue, between 31st and 30th Street

♦ Handsome Class B owner occupied and managed building- 368,000 RSF

♦ Brand new roof deck amenity space exclusively for tenants in the building

♦ 24/7 access and uniformed lobby attendant

♦ Custom build-to-suit opportunities. Offices from 12,147 t0 25,000 RSF. Asking rents from $65.00 PSF

 

 

 

505 Eighth Avenue

♦ Located at the N/W/C of 35th Street

♦ Boutique Class B office building, 292,000 rentable square feet, renovated 2015

♦ 24/7 access, uniformed lobby attendant and security monitoring

♦ Pre-built offices and custom build-to-suit opportunities. Asking rents range from $39 PSF

♦ Most offices have Tenant-controlled package AC

 

 

 

 

 

 

 

SIDE STREET LOFT & OFFICE BUILDINGS: Asking Rent from $28.00 

♦ From 35th to 41st Street and 9th to 5th Avenue; and streets south of Penn Station

♦ Class C loft & office buildings, some with lobby attendants

♦ Landlord will provide renovation work subject to negotiation

♦ Flexible lease terms from 1- 5 years

 

 

 

 

 

 

 

 

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