Lease Beat

ValueOptions Takes 19,100 SF in Relocation to One Penn Plaza

ValueOptions has signed a 10-year, 19,100-square-foot lease for a portion of the 31st floor at Vornado Realty Trust’s One Penn Plaza, The Commercial Observer has learned.

800px-One_Penn_Plaza_by_David_ShankboneThe healthcare provider will relocate from its current space at the EmblemHealth building at 441 9th Avenue, sources said.

The 57-floor, nearly 2.6-million-square-foot One Penn, designed by Kahn & Jacobs and built in 1972 with structural steel, concrete and grey solar glass and aluminum outside walls, is the tallest in the Pennsylvania Plaza complex of office buildings, hotels, and entertainment facilities, which is anchored by Madison Square Garden, the Hotel Pennsylvania and Vornado’s One and Two Penn Plaza.

ValueOptions is the self-proclaimed “nation’s largest independent behavioral health care and wellness company,” specializing in management for behavioral, mental health and chemical dependency issues.

The firm joins major tenants in the building that include BMG Columbia HouseCisco Systems; Citigroup Global MarketsParsons BrinckerhoffPowerspaceURS Corporation; US CustomsUnited Healthcare; and Wachovia Securities. Retail space includes K-MartLocal WestLugo Café; and Starbucks.

Symantec Corporation also just signed a lease in the building.

In May, IT-solutions firm Presidio Networked Solutions also signed a long-term, 14,106-square-foot lease at One Penn following its acquisition of BlueWater Communications LLC, and those firms moved from separate spaces they occupied on the building’s 19th and 16th floors, consolidating onto the 28th floor.

In addition, in March, law firm Goetz Fitzpatrick signed 12-year renewal and expansion at the building. The construction and commercial litigation firm moved from its 13,000-square-foot space on the 44th floor to 17,600 square feet on the 31st floor as part of the firm’s ongoing growth plan.

Vornado is one of the largest owners and managers of commercial real estate in the United States with a portfolio over 100 million square feet, primarily located in the New York and Washington, DC areas.

Lawson Wilder from D.C.-based EZRA represented the tenant, while Vornado’s Craig Panzirer represented the landlord in-house. The brokers were not available for comment. Asking rents were not disclosed.

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