Real Estate Weekly
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Deals & Dealmakers

CBRE brokers 29,000 s/f healthtech lease at 5 Penn Plaza

Following several full-floor leases, including a 29,000 s/f transaction with international sportswear company PUMA and 29,000 s/f transaction with architecture firm HLW International, CBRE announced the completion of a complex office lease at 5 Penn Plaza with Aetion.

The health care technology company has committed to 29,000 s/f of space at the 24-story, 690,000 s/f office building located on Eighth Avenue between 34th and 33rd streets.

The CBRE team of Peter Turchin, Jason Pollen and David Caperna spearhead the leasing campaign at 5 Penn Plaza and represented the ownership in the 10-year lease. The asking rent was $70 psf.

“This off-market transaction involved the early termination of an existing tenant lease to accommodate Aetion’s long-term real estate requirements and expansion from 1441 Broadway,” said Pollen. “The ownership has fully renovated 5 Penn in anticipation of the exciting changes taking shape in the neighborhood, such as the Hudson Yards and redevelopment of the adjacent Farley building, and this has proven out as a timely strategy.

Renovated in 2016, 5 Penn Plaza features a new Gensler-designed double-height entrance. On the office floors, there are 14 ft. slab heights and eight-foot tall windows.
The CBRE team is marketing the two remaining 15,000 s/f pre-built units on floors 9 and 16.

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