Samsung Relocates Satellite Office to Penn District
By Mark Hallum May 24, 2023 12:44 pm
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Samsung is moving part of its New York City offices from 123 West 18th Street in Chelsea to Vornado Realty Trust’s Penn 1.
The electronics company signed a 10-year lease for 36,000 square feet in Vornado’s newly renovated office tower to relocate its ad sales group from the building owned by the Wasserman family, according to a source with knowledge of the deal.
Asking rent was $100 per square foot, the source said. The Real Deal first reported the deal.
Samsung originally leased 15,000 square feet at 123 West 18th in September 2014, Commercial Observer reported at the time. It’s unclear whether its footprint in the building has changed since the signing of that deal.
In June 2014, Samsung also leased 55,000 square feet with Taconic Partners and Thor Equities at 837 Washington Street in the Meatpacking District, giving it the run of the entire building.
Matthew Astrachan and Simon Landmann of JLL represented Samsung while Josh Glick and Jared Silverman handled the deal in-house for Vornado. Both firms declined to comment.
Penn 1 — which takes up the entire block between West 33rd and West 34th streets and Seventh and Eighth avenues — underwent a $450 million renovation that updated the lobby and elevators. The renovation also included sustainability upgrades and added 160,000 square feet of food and beverage amenities.
Mark Hallum can be reached at mhallum@commercialobserver.com.
