A lighting technology company is staying put in its three-floor space at 5 Penn Plaza for another decade.
Acuity Brands Lighting has inked a 10-year, 15,539-square-foot renewal at the building between West 33rd and West 34th Streets, according to a press release from CBRE, which represented both sides in the deal. The publicly traded company has been based on the top three floors of the 24-story structure since 2006, according to the release.
Asking rent in the deal was $70 per square foot, the release indicates.
Peter Turchin, Jason Pollen and Dave Caperna of CBRE represented the landlord, listed as Haymes Investment Company, while colleagues Michael Movshovich, Ben Friedland and Michael Hirsch represented Acuity Brands Lighting. Brokers for the tenant did not immediately return a request for comment via a spokeswoman.
The landlord poured millions of dollars into a capital improvement project that includes new revolving doors, an upgraded lobby and spruced up infrastructure, according to the release. One of the firms working on the upgrade happens to be Acuity Brands Lighting, which is coordinating new lighting systems, Turchin said in prepared remarks.
“This deal signifies how much momentum the capital improvement program has generated for 5 Penn,” Turchin said in a statement. “The landlord is also working with Acuity to light the building—another step in creating a world-class office tower.”