5
Penn Plaza, a historic building on Eighth Avenue between West 33rd and 34th streets, has undergone a major transformation to bring it up to date with modern amenities. The 650,000 square-foot structure now boasts a second-floor amenities center called "Print & Press," a double-height lobby designed by Gensler architects, and a rooftop terrace for tenants.

    The renovations were carried out by landlord 5 Penn Plaza LLC, led by investor Stephen Haymes. As a result of the upgrades, over 70,000 square feet of newly signed leases have been secured from five new tenants: Noom, Inc., Altus Group, Octaura, Veolia, and Dewberry.

    These companies, which specialize in health apps, real estate technology, electronic trading advisory services, environmental consulting, and engineering, are relocating to 5 Penn Plaza from nearby locations. The building is now about 85% leased, with asking rents ranging from the $70s to $80s per square foot.

    Haymes expressed his satisfaction with the project's outcome, stating that 5 Penn Plaza has been a hub for leading companies in enterprise, communication, and technology for over a century. The landlord was represented by a JLL agency team, while the tenants were represented by teams from JLL, CBRE, and Savills.