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:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 1 Pennsylvania Plaza
- Market: Manhattan
- Landlord: Steven Roth - Vornado Realty Trust
- Tenant: Gusto
- Landlord's Representatives: Josh Glick, Jared Silverman & Anthony Cugini - Vornado Realty Trust
- Tenant's Representatives: Jeffrey Fischer, Sacha Zarba & Conor Krup - CBRE
- Lease Terms: 13-year lease
- Expansion Size: 38,000 square feet
- Renewal Size: 38,000 square feet for five years
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
New York Office Market Snapshot
Boundary boundary · Office · Lease transactions
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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