Vornado AG真人官方ty Trust Leases 203,000 SF to Verizon for New York Headquarters in THE PENN DISTRICT
Vornado AG真人官方ty Trust (NYSE:VNO) has secured a major 19-year lease agreement with Verizon for its New York headquarters at PENN 2. The telecommunications giant will occupy 203,000 square feet, including office space across the 8th-10th floors and a flagship retail location on Seventh Avenue.
The lease includes 25,000 square feet of exclusive outdoor space. PENN 2, part of THE PENN DISTRICT campus, features modern amenities including a triple-height lobby, outdoor tenant loggias, and 72,000 square feet of outdoor green spaces. The building is already home to notable tenants like Madison Square Garden, Universal Music Group, and Major League Soccer.
The location offers extensive transit connectivity through Penn Station and will provide access to 180,000 square feet of Vornado's WorkLife amenities.Vornado AG真人官方ty Trust (NYSE:VNO) ha firmato un importante contratto di locazione di 19 anni con Verizon per la sua sede principale a New York presso PENN 2. Il gigante delle telecomunicazioni occuper脿 203.000 piedi quadrati, comprendenti uffici dall'8掳 al 10掳 piano e una sede commerciale di punta su Seventh Avenue.
Il contratto prevede 25.000 piedi quadrati di spazio esterno esclusivo. PENN 2, parte del campus THE PENN DISTRICT, offre servizi moderni tra cui una hall a tripla altezza, logge esterne per gli inquilini e 72.000 piedi quadrati di aree verdi esterne. L'edificio ospita gi脿 inquilini di rilievo come Madison Square Garden, Universal Music Group e Major League Soccer.
La posizione garantisce un'ampia connettivit脿 tramite Penn Station e dar脿 accesso a 180.000 piedi quadrati di servizi WorkLife di Vornado.
Vornado AG真人官方ty Trust (NYSE:VNO) ha asegurado un importante contrato de arrendamiento de 19 a帽os con Verizon para su sede en Nueva York en PENN 2. El gigante de las telecomunicaciones ocupar谩 203,000 pies cuadrados, incluyendo oficinas en los pisos 8 a 10 y una ubicaci贸n comercial emblem谩tica en Seventh Avenue.
El contrato incluye 25,000 pies cuadrados de espacio exterior exclusivo. PENN 2, parte del campus THE PENN DISTRICT, cuenta con comodidades modernas como un vest铆bulo de triple altura, logias exteriores para inquilinos y 72,000 pies cuadrados de espacios verdes al aire libre. El edificio ya alberga inquilinos destacados como Madison Square Garden, Universal Music Group y Major League Soccer.
La ubicaci贸n ofrece una amplia conectividad de transporte a trav茅s de Penn Station y proporcionar谩 acceso a 180,000 pies cuadrados de las comodidades WorkLife de Vornado.
Vornado AG真人官方ty Trust (NYSE:VNO)電� PENN 2鞐� 鞙勳箻頃� 雺挫殨 氤胳偓鞐� 雽�頃� Verizon瓿� 19雲� 鞛リ赴 鞛勲寑 瓿勳暯鞚� 觳搓舶頄堨姷雼堧嫟. 鞚� 韱奠嫚 雽�旮办梾鞚� 8旄惦秬韯� 10旄店箤歆�鞚� 靷 瓿店皠瓿� 靹鸽笎鞀� 鞎犽箘雺挫棎 鞙勳箻頃� 頂岆灅攴胳嫮 靻岆Г鞝愳潉 韽暔頃橃棳 203,000韽夒癌顶柬姼毳� 靷毄頃� 鞓堨爼鞛呺媹雼�.
鞛勲寑 瓿勳暯鞐愲姅 25,000韽夒癌頂柬姼鞚� 霃呾爯 鞎检櫢 瓿店皠霃� 韽暔霅橃柎 鞛堨姷雼堧嫟. THE PENN DISTRICT 旌犿嵓鞀れ潣 鞚茧秬鞚� PENN 2電� 靷检 雴掛澊鞚� 搿滊箘, 鞎检櫢 鞛呾＜鞛� 搿滌鞎�, 攴鸽Μ瓿� 72,000韽夒癌顶柬姼鞚� 鞎检櫢 雲轨 瓿店皠 霌� 順勲寑鞝侅澑 韼胳潣鞁滌劋鞚� 臧栰稊瓿� 鞛堨姷雼堧嫟. 鞚� 瓯措鞐愲姅 鞚措 Madison Square Garden, Universal Music Group, Major League Soccer鞕� 臧欖潃 鞙犽獏 鞛呾＜鞛愲摛鞚� 鞛堨姷雼堧嫟.
鞚� 鞙勳箻電� Penn Station鞚� 韱淀暅 甏戨矓鞙勴暅 甑愴喌 鞐瓣舶靹膘潉 鞝滉车頃橂┌, Vornado鞚� WorkLife 韼胳潣鞁滌劋 180,000韽夒癌顶柬姼鞐� 鞝戧芳頃� 靾� 鞛堨姷雼堧嫟.
Vornado AG真人官方ty Trust (NYSE:VNO) a conclu un important bail de 19 ans avec Verizon pour son si猫ge social new-yorkais situ茅 脿 PENN 2. Le g茅ant des t茅l茅communications occupera 203 000 pieds carr茅s, comprenant des bureaux du 8e au 10e 茅tage ainsi qu'un magasin phare sur la Seventh Avenue.
Le bail inclut 25 000 pieds carr茅s d'espace ext茅rieur exclusif. PENN 2, faisant partie du campus THE PENN DISTRICT, offre des 茅quipements modernes tels qu'un hall 脿 triple hauteur, des loggias ext茅rieures pour les locataires, et 72 000 pieds carr茅s d'espaces verts ext茅rieurs. L'immeuble accueille d茅j脿 des locataires prestigieux comme Madison Square Garden, Universal Music Group et Major League Soccer.
L'emplacement b茅n茅ficie d'une excellente connectivit茅 via Penn Station et donnera acc猫s 脿 180 000 pieds carr茅s des commodit茅s WorkLife de Vornado.
Vornado AG真人官方ty Trust (NYSE:VNO) hat einen bedeutenden 19-j盲hrigen Mietvertrag mit Verizon f眉r den Hauptsitz in New York im PENN 2 abgeschlossen. Der Telekommunikationsriese wird 203.000 Quadratfu脽 nutzen, darunter B眉ror盲ume auf den 8. bis 10. Etagen sowie einen Flagship-Einzelhandelsstandort an der Seventh Avenue.
Der Mietvertrag umfasst 25.000 Quadratfu脽 exklusiven Au脽enbereich. PENN 2, Teil des THE PENN DISTRICT Campus, bietet moderne Annehmlichkeiten wie eine dreifach hohe Lobby, Au脽engalerien f眉r Mieter und 72.000 Quadratfu脽 an gr眉nen Au脽enfl盲chen. Das Geb盲ude beherbergt bereits namhafte Mieter wie Madison Square Garden, Universal Music Group und Major League Soccer.
Die Lage bietet umfangreiche Verkehrsanbindungen 眉ber den Penn Station und gew盲hrt Zugang zu 180.000 Quadratfu脽 von Vornados WorkLife-Einrichtungen.
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Insights
Vornado secures major 19-year lease with Verizon, strengthening PENN DISTRICT's position as a premier NYC office destination.
This 19-year lease agreement with Verizon represents a significant win for Vornado's PENN DISTRICT redevelopment strategy. The 203,000 square foot commitment includes approximately 200,000 square feet of office space plus a flagship retail location, providing Vornado with stable, long-term cash flow from a credit-worthy tenant. The length of the lease term is particularly noteworthy amid challenging market conditions for commercial office landlords.
Verizon joins an impressive roster of anchor tenants at PENN 2 including Madison Square Garden, Universal Music Group, and Major League Soccer, validating Vornado's substantial investment in modernizing these assets. The diversification across industries (telecommunications, entertainment, music, sports) creates a resilient tenant mix that should weather economic cycles effectively.
The deal highlights how Vornado's comprehensive amenity package and transportation-centric location continue attracting blue-chip tenants despite the broader office market's post-pandemic struggles. The extensive WorkLife program with 180,000 square feet of amenities serves as a powerful differentiator, while the building's 72,000 square feet of outdoor space addresses evolving tenant preferences for wellness-oriented workplaces.
What makes this particularly valuable is the potential halo effect - Verizon's commitment may accelerate leasing momentum for Vornado's remaining PENN DISTRICT vacancies. With Penn Station's planned improvements and the addition of Metro-North access in 2027, the location's connectivity advantages will only strengthen over time, potentially allowing Vornado to command premium rents as the district's transformation progresses.
Telecommunications giant to relocate its New York headquarters to PENN 2
NEW YORK, July 29, 2025 (GLOBE NEWSWIRE) -- Vornado AG真人官方ty Trust (NYSE: VNO) today announced that Verizon, the iconic telecommunications firm, will relocate its New York headquarters to PENN 2, Vornado鈥檚 reimagined office tower in the heart of THE PENN DISTRICT campus.
As part of a 19-year lease, Verizon will occupy nearly 200,000 square feet in office space across the eighth through tenth floors of PENN 2, which includes exclusive access to more than 25,000 square feet of outdoor space. 聽One of the world鈥檚 leading telecommunications firms and the largest mobile network operator in the United States, Verizon will also establish a flagship retail location on Seventh Avenue.
鈥淲e are thrilled to welcome Verizon to the growing roster of world-renowned business, communications, technology, finance, and entertainment firms that have chosen THE PENN DISTRICT for their corporate homes,鈥� said Glen Weiss, Executive Vice President - Office Leasing and Co-Head of AG真人官方 Estate for Vornado AG真人官方ty Trust. 鈥淥ur reinvention of THE PENN DISTRICT has produced a vibrant gateway to New York鈥檚 new West Side and represents a new era of workplace thinking, where dynamic environments, unparalleled connectivity, and employee-focused design come together to inspire collaboration and innovation.鈥�
Vornado鈥檚 PENN 2 transformation incorporates a completely new, modern, and highly efficient curtain wall, a striking triple-height lobby; 16 distinctive double-height outdoor tenant loggias; and The Bustle. The new PENN 2 also encompasses 30,000 square feet of curated retail, including The Dynamo Room, a 7,100 square foot full-service restaurant and bar from Sunday Hospitality. The building features 72,000 square feet of outdoor green spaces; The Perch, a rooftop glass pavilion and event space that opens onto a lushly landscaped 17,000-square foot private green space available to all tenants; and a 280-seat Town Hall suspended above the 33rd Street promenade.
PENN 2 also serves as the corporate headquarters for Madison Square Garden, Universal Music Group and Major League Soccer. Together with its neighboring PENN 1, the towers create a two-building connected campus in the heart of THE PENN DISTRICT. The twin projects encompass 4.4 million square feet of premium office space; a host of new and improved entrances to Penn Station and the surrounding subway system; and acres of new public plazas, landscaping, and new granite stone-paved sidewalks.
All PENN DISTRICT tenants have access to 180,000 square feet of Vornado鈥檚聽WorkLife聽program, the most extensive and comprehensive amenity package in the City, highlighted by The Landing, a full-service restaurant, bar and private dining rooms; a 53,000-square-foot sports, wellness and fitness center; and 100,000 square feet of flexible workspace and conference facilities.
THE PENN DISTRICT campus is situated directly above Penn Station, North America鈥檚 most accessible and active mass transit hub. A total of 15 subway lines, along with Long Island Railroad, New Jersey Transit, PATH, Amtrak all converge in the district. They will be joined by Metro-North commuters starting in 2027.
A Cushman & Wakefield team led by Executive Vice Chairman, Josh N.听Kuriloff, Peyton Horn, Heather Thomas, and Kyle Ernest represented Verizon in this strategic transaction. Vornado was represented in-house by Glen Weiss, Josh Glick, Jared Silverman and Anthony Cugini. 聽
Additional information on PENN 2 and images can be found at聽.听
About Vornado AG真人官方ty Trust
Vornado is a fully integrated real estate investment trust (鈥淩EIT鈥�) with a portfolio of premier New York City office and retail assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with
C O N T A C T
Thomas J. Sanelli
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Certain statements contained herein may constitute 鈥渇orward-looking statements鈥� within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see 鈥淩isk Factors鈥� in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2024. Currently, some of the factors are interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.
A photo accompanying this announcement is available at
FAQ
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