The Feil Organization and Savanna have signed the New York State Department of Motor Vehicles to 27,455 s/f of retail and office space at 21 Penn Plaza, the companies announced today.
Combined with other recent transactions, the building’s occupancy rate has soared from 78 percent to 93 percent in less than two months.
The DMV will occupy 1,385 s/f of retail space on the first floor, which will serve as a private entrance for its 26,070 s/f customer service facility on the second level, said David W. Turino, director of commercial leasing for The Feil Organization. Terms of the 10-year lease were not disclosed.
Located on Ninth Avenue between 30th and 31st Streets, 21 Penn Plaza was acquired by a partnership of The Feil Organization and Savanna in 2011, and features two recently renovated lobbies.
“In essence, this part of 21 Penn Plaza is a building within a building. The private entrance allows the DMV its own identity separate from the office tenant population utilizing the Ninth Avenue and 31st Street lobbies,” Turino says.
The DMV office will relocate from its current Herald Square location next spring. Turino represented the Landlord in the transaction.
The State of New York was not represented by any broker in this transaction, according to a representative of the Office of General Services.
This latest agreement is the third major lease to be completed in 45 days at the 17-story full-service building. Earlier this month, the corporate office for a major department store expanded its presence by 26,000 s/f for a total of 89,000 s/f at 21 Penn Plaza, and Tutor Perini Corp. has also signed for additional space.
“This dramatic increase is a testament to the quality of the building and its location,” Turino said. “We expect to be fully leased shortly.”
21 Penn Plaza sits at the front door of the West Side Railyards Special Improvement District, including the building of Hudson Yards, Manhattan West, and the new Moynihan Station, as well as the expansion of the High Line Park and the extension of the IRT 7 subway line to 10th Avenue.