JLL has completed a new transaction for tenant TradingScreen at One Penn Plaza, located at 242 West 34th Street, with building owner Vornado Realty Trust.
The leading provider of electronic trading solutions signed for 19,944 square feet at the Class A, 2.5 million-square-foot commercial office building.
The tenant was represented by David Dusek, managing director, and Paul Ferraro, vice president, both with JLL. The building owner was represented in-house by Craig Panzirer, senior vice president, and Jared Silverman, senior leasing director.
“TradingScreen needed larger premises to accommodate the rapid expansion of its business,” said Dusek. “After a thorough search of the market, we were able to find space on the 49th floor at One Penn Plaza, allowing our client to nearly double its occupancy. TradingScreen executives were attracted by the building’s open, virtually column-free layout and panoramic views of Manhattan.”
TradingScreen signed a 10-year lease for 19,994 square feet and will occupy a portion of the 49th floor at One Penn Plaza, which is located between Seventh and Eighth avenues and West 33rd and West 34th streets, adjacent to Penn Station and Madison Square Garden.
The provider of electronic trading solutions is relocating to the building from its previous offices at 215 Park Avenue South.
“This is an amazing space that will support TradingScreen’s ongoing transformation,” said Kevin Held, CFO, with TradingScreen.
“The company has gone through an evolution this past year, and we sought an office that supports the firm’s new cultural direction, which is centered on employees, clients and products. We see this space as a catalyst that is aligned with our new corporate mission. David and Paul took the time to understand our requirements, located a space that would support the company goals and successfully negotiated the terms with Vornado.”
The 57-story One Penn Plaza was designed by Kahn & Jacobs and constructed in 1972. The building underwent a multimillion-dollar restoration in 1995, and in early 2016, Vornado announced plans to renovate and interconnect One Penn Plaza and Two Penn Plaza into one large office complex.
One Penn Plaza is known on the skyline by the four signature red-and-white neon “1” signs at the top of the tower, offers dramatic views of the entire city and direct access to Pennsylvania Station, and is footsteps from Madison Square Garden and Macy’s Herald Square.