Canaccord Signs 75K-SF Lease at Vornado’s Penn 1
By Mark Hallum July 24, 2023 12:01 pm
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Vornado Realty Trust’s Penn 1 has a new tenant with Canaccord Genuity Group signing a lease for 73,000 square feet.
Canaccord, which provides investment advice and other wealth management services, will consolidate its offices at 535 Madison Avenue and 33 Whitehall Street to the Midtown property next year after signing the 15-year deal, which was first reported in the New York Post. Asking rent was about $103 per square foot, according to the Post.
Vornado handled the deal in-house while Robert Lowe and Paige Engeldrum of Cushman & Wakefield (CWK) negotiated on behalf of the tenant, according to a source with knowledge of the deal.
The last major lease signing in the building happened in May when Samsung inked a 10-year lease for 36,000 square feet in the newly renovated building, Commercial Observer reported at the time. Penn 1 was built in the 1970s.
Samsung more than doubled its office footprint in the move compared to the 15,000 square feet it had rented at 123 West 18th Street.
Vornado spent up to $450 million renovating the building, which takes up an entire block between West 33rd and West 34th streets and Seventh and Eighth avenues. The upgrades mainly focused on the lobby and elevators but also added 160,000 square feet of food and beverage amenities.
Mark Hallum can be reached at mhallum@commercialobserver.com.
