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1 Pennsylvania Plaza

Updated Sep 4, 2026

Bilt advertisement
LEASEDOffice

Gusto Expands Office Space In Manhattan With 13-Year Lease At 1 Pennsylvania Plaza

1 Pennsylvania Plaza

$135

$135/SF

Building Size

76,000 SF

Asset Type

Office

Closing

Sep 3, 2026

About this deal

AI

The property asset involved in this transaction is located at 1 Pennsylvania Plaza in Manhattan. It is an office asset comprising a total of 76,000 square feet. The asking rent for this space was $135 per square foot, and the lease terms include a 13-year lease agreement.

Summary of transaction details:

This transaction involved the expansion of Gusto's presence at Vornado Realty Trust’s Penn 1 office tower, allowing them to add additional space while renewing an existing lease. The key representatives from Vornado Realty Trust and CBRE played significant roles in facilitating the deal.

Players

Conor Krup

CBRE

Broker

11 deals

Broker
Gusto
GustoBuyer
Steven Roth

Steven Roth

Vornado Realty Trust

Landlord

$7.7B

vol

49 deals

Landlord

New York Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Deal FAQ

About $135 per square foot on a published $135 for 76,000 square feet (2026).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

117503.70%

Cash-on-Cash

-33582.92%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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