Regus Renews 60K-SF at 5 Penn Plaza
By Liam La Guerre October 16, 2017 4:50 pm
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Office provider Regus has signed a renewal for 60,000 square feet at 5 Penn Plaza, Commercial Observer has learned.
Regus, which occupies the entire 19th and 23rd floors, of the 26-story building on Eighth Avenue between West 33rd and West 34th Streets will continue to operate in that space for 10 years. The asking rent in the transaction was $68 per square foot, according to information provided by CBRE, the building’s leasing and managing agent.
CBRE’s Peter Turchin, who represented landlord Haymes Investment Company in the deal, said Regus wanted to re-up in the building, because the area is attracting creative companies, Regus’ target market.
“With the ongoing revitalization of Penn Station and the Farley Building directly across the street, 5 Penn Plaza has emerged as a premier leasing option for creative and tech firms,” Turchin said in a prepared statement.
Turchin’s team on the deal included Jason Pollen, Dave Caperna and Hilary Whittier. JLL (JLL)’s Jim Wenk and Patrick Heeg (now at Transwestern) represented Regus in the transaction.
“It’s a great location because of its proximity to Penn Station,” Wenk said via a spokesman.
Earlier this year, Remedy Partners, which develops and manages bundled payments programs for health insurers, signed a 28,640 square feet of space for pre-built space at 5 Penn Plaza, as CO previously reported. Other tenants at the building include Thomasnet and the Visiting Nurse Service.
