MSG Entertainment is keeping its corporate headquarters at 2 Penn Plaza, landlord Vornado Realty Trust announced Monday.
The company, which operates Madison Square Garden, Radio City Music Hall and other entertainment venues across the city, signed on to a 20-year lease for 428,000 square feet amid the 31-story building’s renovation.
Financial terms of the lease were not announced. MSG Entertainment did not immediately respond to requests for comment.
2 Penn Plaza sits atop Penn Station, occupying a double-wide block between Seventh and Eighth avenues, between West 31st and West 33rd streets. The redeveloped space will encompass 1.8 million square feet, meaning MSG Entertainment will occupy approximately a quarter of the building.
Amenities at the redeveloped Midtown building will include more than 65,000 square feet of outdoor space with a rooftop park, and a triple-pane glass curtain wall with floor-to-ceiling windows. The redevelopment is set to finish in the second half of 2023.
After unveiling renderings in 2016 for a Bjarke Ingels-designed redevelopment of 2 Penn, Vornado CEO Steve Roth revealed the REIT was considering razing the building to clear the way for new development. However, the renovation continued with architect MdeAS Architects, YIMBY reports.
The tower is part of an even bigger project for Vornado: the redevelopment of the 10 million-square-foot Penn District, which includes retail and corporate tenants and in recent years has counted hot Manhattan office markets like Hudson Yards and Midtown South as close neighbors.