TPG Architecture Stays Put in 40K SF at 31 Penn Plaza
By Rebecca Baird-Remba March 29, 2022 5:50 pm
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Commercial design firm TPG Architecture has renewed its 40,431-square-foot office lease at 31 Penn Plaza, according to the landlord’s brokerage, JLL.
The architecture firm inked a seven-year renewal for its fifth-floor offices in the 14-story building at 132 West 31st Street, where the company has been headquartered since 2013. Asking rent in the building is around $68 a square foot. TPG is one of the city’s most prolific office architects, designing workspaces for companies like Macmillan Publishers, Fortune and IEX.
JLL’s Mitchell Konsker, Matthew Astrachan, Kyle Young and Thomas Swartz represented landlord Vanbarton Group in the deal. CBRE’s Mark Ravesloot, Michael Monahan and William Iacovelli broked the deal for TPG. A CBRE spokesperson didn’t immediately return a request for comment.
“Thirty-one Penn Plaza ticks all of the boxes while its central location supports employee work patterns in this post-COVID environment,” Astrachan said in a statement.
The 432,000-square-foot building between Avenue of the Americas and Seventh Avenue houses tenants like education software company Chegg, market research firm NPD Group and online leadership development firm ExecOnline.
The recently renovated property has an updated lobby with a conference center, a sixth-floor tenant lounge with a cafe, and a secure bike room with showers.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
