Regus Renews 60K-SF at 5 Penn Plaza

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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.

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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’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.