Penn Station Office Rental Guide

Penn Station Office Rental Guide

Penn Station Office Rental Guide provides useful information to Tenants that are thinking about relocating to the buildings that are situated in immediate proximity to the terminal. This information was compiled in November 2017 and is subject to change. For the most current market conditions contact Cogent Realty Advisors, Inc. (212) 509-4049. 

 

Penn Station Office rental guide- Quick Reference 

 

One Penn Plaza: aka 250 West 34th Street. Five-Star rating by Costar. 2,522,000 square feet and 57 stories. Typical floor 60,000 SF. Built 1975. The best quality building in the Penn Station office market with direct connections to the terminal. Institutionally owned and managed by Vornado Realty Trust. Tenants include Aecom, Cisco Systems, Citigroup, Level 3 Communications, Morgan Stanley and United Healthcare. Deal Structure: On a 7- 10 year lease term the Landlord will build-to-suit your office to a very high standard and provide an architect for space planning.  Asking rents are $65.00 PSF in the base of the building and $75.00 PSF on upper floors.

 

Two Penn Plaza: aka 392 7th Avenue. Five-Star rating. 1,546,000 square feet and 32 stories tall. Typical floor 60,000 SF. Built 1968. Direct access to Penn Station. Owned and managed by Vornado. Tenants include: Information Builders, Madison Square Garden, McGraw Hill and S & P Global. Deal Structure: Similar to One Penn Plaza.

 

5 Penn Plaza: aka 461 8th Avenue. Four-Star rating. 687,384 square feet and 24 stories tall. Typical floor 27,877 SF. Built 1915. Renovations in 2015 included a new lobby. Across the street from Penn Station.  Privately owned. Tenant include: Sirius XM Radio, Thomasnet and Visiting Nurse Service. Deal Structure: On a 10 year lease term the Landlord will build-to-suit your office and provide an architect for space planning.  Asking rents are $65.00 PSF throughout the building.

 

7 Penn Plaza: aka 370 7th Avenue: Four-Star rating. 368,000 square feet and 18 stories tall. Typical floor 19,602 SF. Built 1921 and modernized. Across the street from Penn Station. Privately owned. Tenants (mostly small- to mid- size) include: Comscore Networks, Longview Partners, Spin Design and the Wounded Warrior Project.  Deal Structure: On a 10 year lease term the Landlord will build-to-suit your office and provide an architect for space planning.  Asking rents are $65.00 PSF throughout the building.

 

11 Penn Plaza: aka 150 West 32nd Street. Four-Star rating. 1,047,000 square feet and 23 stories tall. Typical floor 43,587 SF. Built 1923 and modernized. Direct access to Penn Station. Owned and managed by Vornado. Tenants (mostly large) include: Tenants include: AMC Networks, Macy’s Merchandising Group and Madison Square Garden. Deal Structure: Similar to One Penn Plaza.

 

14 Penn Plaza: aka 225 West 34th Street: Three-Star rating. 558,766 square feet and 22 stories tall. Typical floor 25,398 SF. Built 1925 and modernized. Across the street from Penn Station. Privately owned. Tenants of all sizes include: Amida Care, Prager Metis CPA and Paychex. Deal Structure: On a 10 year lease term the Landlord will build-to-suit your office and provide an architect for space planning.  Most offices feature Tenant-controlled central AC. Asking rents are $55.00 PSF on lower floors and increasing to $63.00 PSF at the top.

 

450 7th Avenue: Three-Star rating. 520,000 square feet and 46 stories tall. Typical floor 16,000 SF. Built 1930 and modernized. Across the street from Penn Station. Privately owned. Tenants (mostly small- to mid- size) include: InfoPeople Corp., KBB Partners, Penn Optical and Willkens & Baker P.C. Deal Structure: On a 7- 10 year lease term the Landlord will build-to-suit your office and provide an architect for space planning. Asking rents are $54.00 PSF in the base of the building and $62.00 PSF in the tower.