[CLSTR]
< Back to all clusters
[BUSINESS] · United States · 2 sources

started · updated

Part of situation: Corporate leasing activity at Penn 1 (2 clusters)

Gusto doubles office footprint at Vornado’s Penn 1

Gusto Vornado Realty Trust Penn 1 office lease expansion Midtown Manhattan

HR technology company Gusto has doubled its office footprint at Penn 1, a Midtown Manhattan tower managed by Vornado Realty Trust. The expansion brings Gusto’s total space in the building to 76,000 square feet.

The deal consists of two parts: a 13-year lease expansion for 38,000 square feet on the 47th floor, and a five-year renewal for an additional 38,000 square feet on the 52nd floor. Reported asking rents for the space are approximately $135 per square foot.

Penn 1, also known as 1 Pennsylvania Plaza, underwent a $450 million renovation in 2023. The tower hosts several high-profile tenants, including Samsung, Dell, and Morgan Stanley.

Entities

CBRE · Gusto · Penn 1 · Vornado Realty Trust

Sources

Gusto verdoppelt Bürofläche in Vornados Penn 1 auf 76. 000 SF [www.it-boltwise.de]
HR Tech Firm Gusto Expands to 76K SF at Vornado’s Penn 1 [commercialobserver.com]