CBRE Group, Inc. announced today that it represented 5 Penn Plaza LLC in the 10,084-square-foot office lease relocation for Microdesk, Inc.
The results of 5 Penn Plaza’s multi-million-dollar capital improvement program were recently unveiled at a luncheon hosting more than three hundred industry professionals. Designed by the world’s largest architecture firm, internationally acclaimed Gensler Architects, the building’s significant upgrades include a two-story glass façade with ten-foot glass revolving doors, as well as a new lobby. Further renovations underway will take in new elevator cabs, as well as a concierge station and tenant-only café. The building also completely refurbished its exterior façade and, to make the most of 5 Penn Plaza’s generous 14-foot slab heights, ownership increased the heights of window walls to eight feet of glass.
CBRE’s Peter Turchin, Jason Pollen and Dave Caperna represented the landlord, 5 Penn Plaza LLC, in Microdesk’s relocation to the partial 14th floor. The asking rent was $65.00.
“5 Penn is an owner-occupied and an impeccably maintained property. Ownership’s recent completion of the multi-million-dollar renovation shows its continuing commitment to keeping 5 Penn Plaza as the premier asset in the Penn Station area,” Vice Chairman Peter Turchin said. “The stability of ownership, coupled with the capital improvement program, will allow us to continue to retain our longstanding tenants—and attract the diverse industries that are increasingly drawn to the Penn Station and Hudson Yards area.” Currently, the agents are marketing three full floors of 29,000 rentable square feet each.
McCall & Almy’s John Dolan, along with Hanley Advisors’ James Seo, represented Microdesk, Inc. in the transaction. Microdesk will relocate and expand from its former location at 330 7th Avenue.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
