Fintech Firm Robinhood, Dick’s Sporting Goods Each Take 125K SF at Penn 2

It’s been a busy week for Vornado Realty Trust at its 31-story office tower above Penn Station.

Fintech firm Robinhood signed a 10-year sublease for 125,392 square feet on the 25th and 26th floors of Vornado’s 2 Pennsylvania Plaza, also known as Penn 2, according to an October office report from CBRE and The Real Deal. Robinhood is leasing the space from Madison Square Garden.

Meanwhile, Dick’s Sporting Goods has signed a lease for 125,284 square feet of office space at the building, according to CBRE’s report, though TRD is reporting that the Dick’s lease has not yet been finalized. The length of the lease is unclear.

It’s also unclear whether the deals represent new locations or relocations for the tenants. In December 2022, Dick’s signed a 10-year lease for 25,600 square feet at the Zero Irving office building at 124 East 14th Street, while Robinhood’s offices are listed at 85 Willow Road in Menlo Park, Calif.

The brokers and asking rents were also unclear. When fintech firm Current signed a lease for more than 62,000 square feet on Penn 2’s 23rd floor this week, asking rent was $125 per square foot.

Vornado declined to comment, while spokespeople for Robinhood, Dick’s Sporting Goods and Cushman & Wakefield — which has represented Vornado at Penn 2 in past deals — did not immediately respond to requests for comment.

The Robinhood, Dick’s and Current deals follow another major lease at Penn 2 signed last week, in which stakeholder strategy firm FGS Global took 80,000 square feet at the recently redeveloped office tower, as Commercial Observer previously reported.

In July, Verizon signed a deal for 203,000 square feet across the eighth through 10th floors of the building. Other tenants at the office tower include Universal Music Group and Major League Soccer.

All this activity comes after a strong third quarter for Vornado, which reported revenue of $453.7 million and funds from operations of $114.5 million, or 57 cents per diluted share, during the quarter. Penn 2 also has a current occupancy rate of 78 percent, and it’s on track to hit 80 percent by the end of the year due to “more deals in the works right now,” Glen Weiss, executive vice president of office leasing and co-head of real estate at Vornado, said during a Tuesday earnings call.

“Here at Vornado, our business is good — really good — and growing strong,” Vornado CEO Steven Roth said during the call. “Our performance continues to lead both the national office pack and our New York peers.” 

Isabelle Durso can be reached at idurso@commercialobserver.com.