Siemens moving to Vornado’s 1 Penn Plaza

Company inked a 35K sf lease with an option to grow

New York /
Jan.January 02, 2018 04:10 PM

Steve Roth and One Penn Plaza (Credit: Vornado)

Engineering and manufacturing firm Siemens is moving to Vornado Realty Trust’s One Penn Plaza.

The German giant signed a deal to take 35,000 square feet at the 57-story tower, with an option to expand to 60,000 square feet, Crain’s reported.

The $100 billion company agreed to pay rents in the high $60s per square foot, according to Crains.

Peter Van Duyne at Cushman & Wakefield represented Siemens in the deal, while Josh Glick and Jared Silverman negotiated on behalf of Vornado in-house. Siemens plans to make a move in July to the space, which was left vacant when the U.S. Customs Service relocated to 1 World Trade Center.

Vornado plans to combine One Penn Plaza and its neighbor at Two Penn Plaza into a 4.2 million-square-foot complex in order to attract higher-paying tenants as rents rise along the Far West Side.

The real estate investment trust, alongside Skanska and the Related Companies, is redeveloping the western annex of the Farley Post Office building, which will have more than 700,000 square feet of office space.

A source told Crain’s that several major tenants from “a variety of industries” have checked out the space. [Crain’s]Rich Bockmann


Related Articles

arrow_forward_ios
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)
Free and clear: Vornado pays off debt at 220 CPS
Free and clear: Vornado pays off debt at 220 CPS
Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)
“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
WhyHotel opening living space at Rudin’s 110 Wall Street
WhyHotel opening living space at Rudin’s 110 Wall Street
WhyHotel opening living space at Rudin’s 110 Wall Street
44 West 37th Street and Ray Yadidi of the Sioni Group (Google Maps, LeadCandy)
Yadidis sell Midtown South office building for $49M
Yadidis sell Midtown South office building for $49M
Construction labor management platform Bridgit raises $24M
Construction labor management platform Bridgit raises $24M
Construction labor management platform Bridgit raises $24M
The boom is largely fueled by investors snagging a large number of single properties in a multitude of deals, rather than previous booms featuring plentiful portfolio sales, or sales of entire companies. (iStock)
CRE has biggest-ever sales quarter
CRE has biggest-ever sales quarter
Givenchy is open at 92 Greene Street in Soho NYC and Gucci has a pop up 446 West 14th Street in Meatpacking District NYC. (Google Maps, Thor)
Tony retailers flocking back downtown
Tony retailers flocking back downtown
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...