Verizon Signs 19-Year Lease For 200000 Square Feet At Vornado's PENN 2 In Midtown South
370 7th Avenue
Building Size
200,000 SF
Asset Type
Office
Closing
Jul 29, 2025
About this deal
AI
The property asset involved in the transaction is an office space located at 370 7th Avenue in Midtown South. The asset encompasses approximately 200,000 square feet and is part of Vornado's PENN 2 tower. Verizon has entered into a 19-year lease for this space, which includes outdoor space and a new flagship retail store on Seventh Avenue.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 370 7th Avenue
- Market: Midtown South
- Landlord: Steven Roth - Vornado Realty Trust
- Tenant: Hans Vestberg - Verizon
- Lease Term: 19 years
- Square Footage: 200,000
The deal includes significant commitments from both parties, with Steven Roth representing Vornado Realty Trust as the landlord and Hans Vestberg representing Verizon as the tenant. This relocation marks a notable move for Verizon within the New York market.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93