Leases  ·  Office

Health Tech Company Aetion Takes 29K SF at 5 Penn


Healthcare company Aetion signed a full-floor lease at 5 Penn Plaza in an off-market deal, CBRE (CBRE) announced.

The 10-year lease spans 29,000 square feet on the seventh floor of the 24-story building located between West 33rd and West 34th Streets. Asking rent at the property was $70 per square foot. 

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CBRE’s Peter Turchin, Jason Pollen and Dave Caperna worked on behalf of the landlord, Haymes Investment Company. Doug Regal and Jamie Katcher of Cushman & Wakefield (CWK) represented the tenant. 

As it was an off-market deal, the existing lease at 5 Penn, with Wallace Foundation  was terminated early in order to accommodate Aetion’s requirements, according to Pollen. Aetion, which focuses on health data, plans to relocate from its current offices at 1441 Broadway in mid-2020. 

The building was renovated in 2016, in anticipation of the rise of the far west side, with the opening of Hudson Yards and the renovation of the Farley Post Office, which is adjacent to 5 Penn. “This has proven out as a timely strategy,” CBRE’s Pollen said. 

Other tenants at the building include Puma, which took 29,000 square feet for an expanded showroom, and HLW Architecture, which also took 29,000 square feet in January.