Vornado Hires Cushman & Wakefield to Oversee Leasing of PENN 2's 1.8M SF

Vornado Realty Trust has enlisted Cushman & Wakefield as the exclusive leasing agent for PENN 2, an impressive Class A high-rise spanning 1.8 million square feet in the heart of Midtown Manhattan.

Leadership in Leasing

Guiding the leasing endeavors are industry veterans Bruce Mosler, Chairman of Global Brokerage, and Josh Kuriloff, Executive Vice Chair. Mosler, known for his recent involvement in securing a substantial lease expansion in another Midtown office building, brings his expertise to PENN 2.

PENN 2's Modern Makeover

Originally constructed in 1968, the PENN 2 tower underwent a comprehensive $750 million renovation, led by renowned architecture firms MdeAS, Foster & Partners, A + I, Future Green, and MNLA. The 31-story building now boasts a LEED Gold certification, a glass curtain wall, 16 double-height outdoor tenant loggias, and a six-story podium with 105,000 square feet of column-free space.

Manhattan's Leasing Landscape

Last year, Fisher Brothers and investors advised by J.P. Morgan Global Alternatives secured the largest office lease in Manhattan at 1345 Avenue of the Americas. Additionally, PJT Partners renewed and expanded its lease at 280 Park Ave. As of November, Manhattan maintained a 17.4 percent vacancy rate, slightly below the national average, while still holding its position as the most expensive U.S. market for office leasing at $70.8 per square foot.

PENN District Dominance

Situated on 2.7 acres at 2 Pennsylvania Plaza, PENN 2 is part of the larger PENN DISTRICT, a master-planned property totaling 10 million square feet. The district includes notable tenants like Meta, Morgan Stanley, Amazon, Samsung, and Madison Square Garden Entertainment Corp. PENN 15, a prospective addition, is anticipated to measure a substantial 2.7 million square feet, further solidifying the district's prominence in the Manhattan real estate landscape.