Vornado Lands Long-Term Lease at Manhattan Tower

Accounting firm Weaver and Tidwell LLP has significantly expanded its space at PENN 1, Vornado Realty Trust’s recently redeveloped 2.5 million-square-foot office tower on Manhattan’s West Side.

The firm had been occupying 8,000 square feet on a portion of the 32nd floor but will now lease the entire 28th floor, with a long-term agreement for 36,500 square feet.

Weaver, a national accounting and consulting firm that provides audit, tax and advisory services, will consolidate its entire New York City workforce into the new space at PENN 1. That includes workers from Buchbinder Tunick & Co., a firm Weaver merged with earlier this year that had leased the PENN 1 space since 1997.

Vornado has now inked 1.5 million square feet of new leases, renewals and expansions at the 55-story tower since the start of redevelopment of THE PENN DISTRICT, a 10 million-square-foot master planned community that underwent about $750 million in renovations, wrapping up in late 2023.

Other new tenants that signed in recent months include law firm Rolnick Kramer Sadighi, which is taking approximately 5,000 square feet of space on the 34th floor; marketing company Cheil, which is leasing the entire 37th floor, about 37,000 square feet; and LB Pharmaceuticals Inc., a clinical-stage biopharmaceutical company leasing 8,906 square feet at PENN 1.

John Mackel, Weaver CEO and managing partner, said in a prepared statement the firm chose this property to consolidate its New York City team because of its in-building and neighborhood amenities and its location atop North America’s most accessible transit hub. Penn Station is a major mass transit hub with 15 subway lines, Long Island Railroad, New Jersey Transit, PATH and Amtrak converging on the station. Starting in 2027, Metro-North, an additional commuter rail line, will also come into Penn Station.

Newmark Chairman Neil Goldmacher and Associate Director Michael Horn represented Weaver in the transaction. Vornado was represented in-house by Executive Vice President Josh Glick, Vice President Jared Silverman and Director Anthony Cugini.

Major redesign

Vornado invested $450 million into PENN 1 as part of the redesign and repositioning of its buildings in the area above and surrounding Penn Station in Midtown Manhattan. PENN 1 and neighboring PENN 2 now serve as a two-building connected campus in the heart of THE PENN DISTRICT.

The two towers have a combined 4.4 million square feet of office space including 180,000 square feet of amenities. These include The Landing, a full-service restaurant, bar and private dining rooms; a 35,000-square-foot wellness and fitness center; 100,000 square feet of flexible workspace and conference facilities; The Perch, a landscaped rooftop park serviced by an indoor glass pavilion; and a 280-seat Town Hall. Vornado also upgraded the street-level retail and food & beverage offerings.

Other improvements included creating a street-level entrance at PENN 1, which leads directly to Penn Station’s recently renovated Long Island concourse. Vornado added a mix of national and local retailers to the concourse, which was widened and had its ceiling raised. Vornado partnered with the New York City Department of Transportation to replace one-half mile of concrete sidewalks across the district with granite stone pavers and to double the width of the sidewalks.