Vornado Lands Fintech Tenant at Manhattan Tower

November 6, 2025

Brokerage New York News Northeast More Office

The building underwent a $750 million renovation in 2023.

Mobile banking company Current has leased more than 62,000 square feet at Penn 2, Vornado Realty Trust’s massively redeveloped office property above Penn Station, The Real Deal first reported.

Current has leased more than 62,000 square feet at Penn 2, Vornado Realty Trust’s redeveloped office property in Manhattan. *Image courtesy of Vornado Realty Trust*

The asking rent for the 10-year lease reportedly was $125 per square foot, and the lease brings the building to 78 percent occupancy. Current is moving from about 72,000 square feet at RXR’s 620 Sixth Ave. in Chelsea.

The 31-story Penn 2 underwent a $750 million renovation in 2023, aligning with office building trends.

Current could not be reached, and a Vornado spokesperson was unable to provide additional information.

Current Real Estate Advisors’ Adam Henick and Rob Kluge represented Current in the deal. Vornado was represented in-house by Josh Glick and Jared Silverman, along with a Cushman & Wakefield team headed by Chairman of Global Brokerage Bruce Mosler and Executive Vice Chair Josh Kuriloff.

Other major tenants at Penn 2 include Madison Square Garden, Verizon and Universal Music Group, according to Yardi Matrix data.

Good days, bad days

The lease at Penn 2 would be welcome under any circumstances, but Vornado is in a situation at another Manhattan property, 650 Madison Ave., which the REIT owns in a joint venture with Oxford Properties Group. Just weeks ago, an $800 million CMBS loan against the 27-story, 595,000-square-foot office and retail building was sent to a special servicer. The borrower missed a payment on the SASB loan and requested the transfer, citing imminent default.

The most recent status as of mid-October, according to Trepp, was 30 days delinquent, with the loan under active review. The special servicer is SL Green subsidiary Green Loan Services LLC.

Office leasing in Manhattan maintained its momentum into the third quarter of 2025, as new leasing hit an above-average 7.3 million square feet, according to a new report from Cushman & Wakefield. Leasing year to date totaled almost 23 million square feet, which was a 37.6 percent increase year-over-year.

The surge was marked by the strength of Class A properties and by transactions of more than 100,000 square feet, which totaled 10 (new or expansion leases) during the quarter.

The Midtown submarket held its own for rents, holding steady at $75.58 per square foot, according to Cushman & Wakefield, as Midtown South and Downtown saw modest increases.