The Real Deal New York

Puma moving Garment District office and showroom to Penn Station area

Retailer signs lease for 29K sf at 5 Penn Plaza
By Rich Bockmann | September 04, 2018 03:00PM

5 Penn Plaza

Puma is relocating its offices and showroom out of the Garment District to the area around Pennsylvania Station.

The sportswear retailer signed a lease for just shy of 29,000 square feet at Haymes Investment Company’s 5 Penn Plaza, Puma’s brokers told The Real Deal.

The company is taking the entire 21st floor in a 10-year deal. Asking rent for the space was $70 per square foot.

Haymes in 2016 kicked off a renovation of the 24-story, 690,000-square-foot office building on Eighth Avenue between 34th and 33rd streets, overhauling the building’s lobby and improving its mechanical systems.

The property also sits between Related Companies’ Hudson Yards and Brookfield Property Partners’ Manhattan West one side, and Vornado Realty Trust’s Penn Plaza portfolio to the other — projects that are drawing more tenants to Manhattan’s west side.

JLL’s Robert Gibson, who represented Puma with colleagues Jim Wenk and Kirill Azovtsev, said the recent building renovations, along with the owner’s “hands-on management approach and the office tower’s proximity to Hudson Yards” all made the space attractive to Puma.

A CBRE team of Peter Turchin, Jason Pollen and Hilary Whittier handles leasing at 5 Penn Plaza for Haymes.

Puma is relocating its operations from GFP Real Estate’s 209 West 38th Street.

The retailer in May signed a 24,000-square-foot lease to open a new store at SL Green Realty’s 609 Fifth Avenue. JLL’s Gibson and his colleague Greg Covey negotiated the deal for Puma.