{"id":1004777270,"date":"2025-11-06T05:49:28","date_gmt":"2025-11-06T13:49:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004777270"},"modified":"2025-11-15T04:54:19","modified_gmt":"2025-11-15T12:54:19","slug":"vornado-lands-fintech-tenant-at-manhattan-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-lands-fintech-tenant-at-manhattan-tower\/","title":{"rendered":"Vornado Lands Fintech Tenant at Manhattan Tower"},"content":{"rendered":"\n<p>Mobile banking company Current has leased more than 62,000 square feet at Penn 2, Vornado Realty Trust\u2019s massively redeveloped office property above Penn Station, <em>The Real Deal<\/em> first reported.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/Penn-2-Vornado.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004777287\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/vornado-lands-fintech-tenant-at-manhattan-tower\/penn-2-vornado\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/Penn-2-Vornado.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Penn 2, Vornado\" data-image-description=\"&lt;p&gt;Scott received the image via e-mail &lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Current has leased more than 62,000 square feet at Penn 2, Vornado Realty Trust\u2019s redeveloped office property in Manhattan. Image courtesy of Vornado Realty Trust&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/Penn-2-Vornado.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/Penn-2-Vornado.jpg?w=800\" alt=\"Penn 2, Vornado Realty Trust\u2019s redeveloped office property in Manhattan\" class=\"wp-image-1004777287\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/Penn-2-Vornado.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/Penn-2-Vornado.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/Penn-2-Vornado.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><figcaption class=\"wp-element-caption\">Current has leased more than 62,000 square feet at Penn 2, Vornado Realty Trust\u2019s redeveloped office property in Manhattan. <em>Image courtesy of Vornado Realty Trust<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>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\u2019s 620 Sixth Ave. in Chelsea.<\/p>\n\n\n\n<p>The 31-story Penn 2 underwent a $750 million renovation in 2023, aligning with <a href=\"https:\/\/www.commercialsearch.com\/news\/office-industry-trends\/\">office building trends<\/a>.<\/p>\n\n\n\n<p>Current could not be reached, and a Vornado spokesperson was unable to provide additional information.<\/p>\n\n\n\n<p>Current Real Estate Advisors\u2019 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 &amp; Wakefield team headed by Chairman of Global Brokerage Bruce Mosler and Executive Vice Chair Josh Kuriloff.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/is-nyc-construction-spending-a-national-bellwether\/\">Is NYC Construction Spending a National Bellwether?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Other major tenants at Penn 2 include Madison Square Garden, Verizon and Universal Music Group, according to Yardi Matrix data.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-good-days-bad-days\">Good days, bad days<\/h2>\n\n\n\n<p>The lease at Penn 2 would be welcome under any circumstances, but <a href=\"https:\/\/www.commercialsearch.com\/news\/800m-loan-against-manhattan-tower-sent-to-special-servicing\/\">Vornado is in a situation<\/a> 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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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 &amp; Wakefield. Leasing year to date totaled almost 23 million square feet, which was a 37.6 percent increase year-over-year.<\/p>\n\n\n\n<p>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.&nbsp;<\/p>\n\n\n\n<p>The Midtown submarket held its own for rents, holding steady at $75.58 per square foot, according to Cushman &amp; Wakefield, as Midtown South and Downtown saw modest increases.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The building underwent a $750 million renovation in 2023. <\/p>\n","protected":false},"author":882,"featured_media":1004777287,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[32799,33030],"class_list":["post-1004777270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-cushman-wakefield","tag-vornado-realty-trust"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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