Morgan Stanley, Deutsche Bank eyeing Vornado’s 15 Penn: report

REIT could build 1,216-foot tower on Hotel Pennsylvania site

New York /
May.May 10, 2017 09:00 AM

Financial heavyweights Morgan Stanley and Deutsche Bank are considering a move to Vornado Realty Trust’s planned office development 15 Penn Plaza.

Vornado won city approval for a 1,216-foot-tall office building to replace the Hotel Pennsylvania in 2007 and was close to signing Merrill Lynch as a tenant, but the financial crisis pushed the deal off the table. Now the real estate investment trust is looking to revive the project and commissioned new designs, the New York Post reported.

The Hotel Sits Across The Street from 2 Penn Plaza, which Vornado plans to redevelop and outfit with a new glass facade.

Deutsche Bank is currently headquartered at 60 Wall Street, where Singapore’s sovereign wealth fund GIC bought a 95 percent stake in January. Its lease at 60 Wall expires in 2022, but includes renewal options.

If Vornado moves forward with the project, it would likely face stiff competition from the nearby Hudson Yards and Manhattan West megaprojects as well as SL Green Realty’s tower at One Vanderbilt. [NYP]Konrad Putzier


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