The Real Deal New York

Vornado moves forward with redevelopment of Penn Plaza

Firm filed plans with DOB for lobby overhaul
By Eddie Small | December 13, 2018 01:15PM

Steve Roth and renderings of Two Penn Plaza (Credit: Getty Images)

Vornado just moved one step forward with its major overhaul of Penn Plaza.

The company filed plans with the Department of Buildings on Thursday to add 140,000 square feet of space to the 31-story Two Penn Plaza. Vornado plans to build a new three-story, lobby with retail space, modify the building’s existing entrance to Penn Station and expand the office floors.

Vornado CEO Steve Roth said on his company’s third-quarter earnings call that they are already moving tenants from Two Penn Plaza to One Penn Plaza, and they plan to replace the entire curtain wall in the building in 2020 when McGraw Hill’s lease expires.

The firm expects overhauling Two Penn to take between 24 and 30 months and will eventually combine it with One Penn Plaza to make a 4.4 million-square-foot campus.