Modern upgrades help vintage NYC tower land find five new leases

A major repositioning of 5 Penn Plaza, a 650,000 square-footer on Eighth Avenue between West 33rd and 34th streets, has brought the historic building a batch of 21st Century features — and over 70,000 square feet of newly signed leases.The 1916-vintage structure, originally designed for printing crafts, recently added a second-floor amenities center called “Print & Press,” as well as a Gensler architects-designed double-height lobby and a tenants’ rooftop terrace.The additions followed extensive renovations and infrastructure improvements by the landlord, 5 Penn Plaza LLC, a firm led by investor Stephen Haymes.The five new tenants are  Noom, Inc; a subscription-based health app; Altus Group, a real estate technology company; Octaura, an electronic trading advisory firm; Veolia, an environmental consultant, and engineering  services company Dewberry.Haymes said, “5 Penn has been a hub of enterprise, communication and technology for the world’s leading companies for over a century.

We are thrilled to complete a best-in-class reinvention of this iconic property.”The 26-story building diagonally opposite Madison Square Garden is about 85% leased.Asking rents are $70s-$80s.

All five new tenants are moving to 5 Penn Plaza from nearby locations in the Penn District and Manhattan West.The landlord was repped on all of the leases by a JLL agency team of  Mitchell Konsker, Kristen Morgan, Christine Colley, Daniel Turkewitz, Greg Wang, and Kate Roush.The tenants were repped by JLL, CBRE and Savills teams....