Lease Beat

Virgo Business Center Takes Space at 14 Penn Plaza

220px 14 penn plaza jeh Virgo Business Center Takes Space at 14 Penn Plaza

Courtesy of Wikipedia

Virgo Business Centers will be opening a new office near Penn Station.

The virtual office company will be taking the entire ninth floor, 27,321 square feet, of Dakota Realty Group’s 14 Penn Plaza.

“The building has eleven and a half foot ceilings, tenant-controlled air conditioning and brand new electrical wiring and windows throughout the building.” said Jay Futersak, a director at Dakota Realty Group LLC. “It was fully modernized. The owner spent $15-20 million dollars in capital improvements.”

Mr. Futersak exclusively brokered the deal for both the tenant and the  landlord. The asking rent was $47 per square foot.

Virgo also holds locations at 350 Fifth Avenue, 340 Park Avenue South, 380 Lexington Avenue, and 575 Lexington Avenue, providing virtual office solutions to individual and company clients. Their services include mail and phone management as well as conference room rentals. The business centers also offer  telecom and digital services, business equipment, and professional services such as real estate brokerage and management and website design and hosting.

The historic Art Deco 14 Penn Plaza, located directly across the street from Penn Station, was built in 1925 and stands 22 stories with over 550,000 square feet. Each floor ranges from about 25,000 to 28,000 square feet. The building was purchased in the summer of 2007 and has since brokered over 386,000 square feet of tenant leases and expansions.

In addition to being an office building, 14 Penn Plaza doubles as 225 West 34th Street offering 57,165 square feet of retail on four levels. The shopping remain steps away from the iconic 34th Street Macy’s and Herald Square. The area is trafficked by over 100,000 pedestrians and 600,000 commuters on a daily basis.

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