V
ornado Realty Trust is reaping the benefits of its upgrades to office tower Penn 1, with accounting firm Weaver and Tidwell signing a significant lease. The firm will occupy the entire 28th floor, expanding from 11,000 square feet in Vornado's Bryant Park building to 36,500 square feet at Penn 1. This consolidation comes via an 11-year lease, with the asking rent on the 28th floor reportedly $105 per square foot.

    The move is a testament to the property's appeal, driven by its proximity to Penn Station and updated amenities. Vornado invested $450 million in Penn 1, which now boasts new plazas, a curtain wall, refreshed elevators and lobbies, LEED certification, and extensive food and recreational facilities.

    Weaver's lease follows other notable deals at Penn 1, including LifeTime Group's 53,000-square-foot lease for pickleball courts. Other prominent tenants include Dell, Empire Heath, Gusto, Hartford Insurance, Jacobs Engineering, Morgan Stanley, and Wells Fargo. Since launching the redevelopment of its Penn District, Vornado has secured 1.5 million square feet of new leases, renewals, and expansions.

    Manhattan office leasing activity remains strong, with year-to-date volume reaching nearly 21 million square feet in August. If current trends continue, the borough may surpass 30 million square feet in volume for the first time in five years.