Cisco Systems Renews 81K SF at 1 Penn Plaza
Lauren Elkies Schram April 23, 2014, 2:39 p.m.
High-tech firm Cisco Systems has renewed its lease for the full ninth floor at Vornado Realty Trust‘s 1 Penn Plaza.
Cisco, which designs, manufactures and sells networking equipment, leases 81,000 square feet in the office tower, and will now be there for another 10 years, Crain’s reported.
Asking rents start at about $60 per square foot and increase over the tenure of the lease to the mid-$60s. JLL‘s Lisa Kiell and David Kleiner represented Cisco in the deal and a Vornado in-house team of Craig Panzirer and Jared Silverman represented the landlord.
The building at 1 Penn Plaza is home to another lease extension—Automatic Data Processing, a provider of business outsourcing solutions, reportedly renewed its lease for the 35,000-square-foot 23rd floor for five years.
Adelhardt Construction Corporation recently inked a deal for 16,450 rentable square feet on the 55th floor, as Commercial Observer previously reported.
Advertising firm Publicis, while in the process of merging with Omnicom to form what will reportedly become the largest media conglomerate in the world, signed a temporary five-year lease for 113,947 square feet at 1 Penn Plaza, Commercial Observer reported in February.
Vornado’s 57-story, 2.7 million-square-foot property between 33rd and 34th Streets and Seventh and Eighth Avenues was built in 1972. The building is the tallest in the Pennsylvania Plaza complex, which is anchored by Madison Square Garden, the Hotel Pennsylvania and Vornado’s 1 and 2 Penn Plaza properties.