Daily limit: 0/10
Verizon Signs 19-Year Lease For 200000 Square Feet At Vornado's PENN 2 In Midtown South
LEASED
New York
See Similar DealsOffice200,000 SF
Leased 07/29/2025
LEASED
Verizon Signs 19-Year Lease For 200000 Square Feet At Vornado's PENN 2 In Midtown South
370 7th Avenue
See Similar DealsOffice200,000 SF
Leased 07/29/2025
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$0
Total Square Footage:200,000 SF
Transaction Type:Lease
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.
Details
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Similar Deals
Contact
Get in touch with the broker you want
Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
NNN (Triple Net)
Effective Rent (Annual)
$11,463,879.31
Total Lease Value
$114,638,793.11
Net Landlord Cash Flow$11,463,879.31
Is there something missing? Send suggestions