Steven Roth is on a roll.
Fintech company Robinhood is the latest tenant to land at Vornado’s Penn 2. The firm inked a 125,000-square-foot, 10-year sublease on the 25th and 26th floors of the recently redeveloped Penn District tower. Robinhood is leasing the space from Madison Square Garden, a source said. The lease was first reported in CBRE’s October Manhattan office report.
It’s the third deal to surface this week at the 31-story Penn District tower, formerly known as 2 Penn Plaza, which recently underwent a $750 million renovation aimed at attracting blue-chip tenants. The redevelopment is part of Vornado’s big bet on the Penn District, where the company has sunk $1.2 billion into revamping Penn 1 and Penn 2, along with ambitious plans to makeover the neighborhood’s retail.
Chairman and CEO Steven Roth declared yesterday in an earnings call earlier this week that “It’s clear that the tipping point for the Penn District — our three-block-long city-within-a-city, is now behind us.”
The Robinhood deal was the largest of the month in Midtown, where leasing activity totaled 1.6 million square feet, per CBRE. Year-to-date leasing activity reached 15.9 million square feet in the submarket, up 23 percent year over year. The report cited another deal at Penn 2 with Dick’s Sporting Goods, but a source said it has not been finalized.
A spokesperson for Robinhood did not immediately respond to a request for comment.
The lease adds to a string of recent deals at Penn 2, as tenants continue to gravitate toward newly renovated properties near mass transit. In the last week alone, Fintech firm Current signed a lease for a little over 62,000 square feet and communications and consulting firm FGS Glocal signed an 80,000-square-foot lease at the 1.8 million-square-foot tower. Verizon inked a 200,000-square-foot lease last summer with plans to move its headquarters to the building.
Other tenants at the tower include Madison Square Garden’s corporate offices, Major League Soccer and Universal Music Group.
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