Jones Lang LaSalle
HQ Global leases at 5 Penn Plaza
Published on June 26, 2006
Plans to build a new train hub west of Pennsylvania Station promise to transform the area around the West 34th Street transportation hub, and nearby office buildings are already attracting tenants and drawing higher asking rents.
HQ Global Workplaces, which rents office suites and provides support services for small businesses, is opening a 27,877-square-foot office in the neighborhood. The new digs are at 5 Penn Plaza, on Eighth Avenue between West 33rd and West 34th streets, where the asking rent was increased several weeks ago by $4 to $38 a square foot.
Dallas-based HQ Global Workplaces "has had so much growth that it wanted to open another office," says Peter Turchin, a senior vice president at CB Richard Ellis, which represented both the landlord and the tenant on the deal. HQ decided on Penn Plaza in part because of its proximity to transportation, including the Long Island Rail Road, New Jersey Transit and a handful of subway lines.
The new office space, which occupies the entire 23rd floor, has not been built; HQ Global Workplaces is scheduled to take occupancy in about five months. The company, which has more than 750 locations globally, has 14 sites in Manhattan, including space at 1 Penn Plaza and 11 Penn Plaza.
So far this year, 80,000 square feet have been leased at 5 Penn Plaza by Sirius Radio, Allied Advertising and other tenants. All of the space was put on the market when CNN moved to the Time Warner Center more than a year ago. The building's penthouse and two floors in its base are available.
State officials are moving forward with plans to build a new Moynihan Station transit hub on the site of the James A. Farley Post Office, which is west of Eighth Avenue. In addition, developer Steven Roth of Vornado Realty Trust is circulating a $7 billion proposal to move Madison Square Garden to Ninth Avenue as part of the renovation.
--Julie Satow
HQ Global leases at 5 Penn Plaza
Published on June 26, 2006
Plans to build a new train hub west of Pennsylvania Station promise to transform the area around the West 34th Street transportation hub, and nearby office buildings are already attracting tenants and drawing higher asking rents.
HQ Global Workplaces, which rents office suites and provides support services for small businesses, is opening a 27,877-square-foot office in the neighborhood. The new digs are at 5 Penn Plaza, on Eighth Avenue between West 33rd and West 34th streets, where the asking rent was increased several weeks ago by $4 to $38 a square foot.
Dallas-based HQ Global Workplaces "has had so much growth that it wanted to open another office," says Peter Turchin, a senior vice president at CB Richard Ellis, which represented both the landlord and the tenant on the deal. HQ decided on Penn Plaza in part because of its proximity to transportation, including the Long Island Rail Road, New Jersey Transit and a handful of subway lines.
The new office space, which occupies the entire 23rd floor, has not been built; HQ Global Workplaces is scheduled to take occupancy in about five months. The company, which has more than 750 locations globally, has 14 sites in Manhattan, including space at 1 Penn Plaza and 11 Penn Plaza.
So far this year, 80,000 square feet have been leased at 5 Penn Plaza by Sirius Radio, Allied Advertising and other tenants. All of the space was put on the market when CNN moved to the Time Warner Center more than a year ago. The building's penthouse and two floors in its base are available.
State officials are moving forward with plans to build a new Moynihan Station transit hub on the site of the James A. Farley Post Office, which is west of Eighth Avenue. In addition, developer Steven Roth of Vornado Realty Trust is circulating a $7 billion proposal to move Madison Square Garden to Ninth Avenue as part of the renovation.
--Julie Satow
posted by Anonymous at 4:35 PM
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