Electronics giant Samsung will be moving part of its operations in New York City to Vornado Realty Trust’s Penn 1. The company signed a 10-year lease for 36,000 square feet across the entirety of the 26th floor, paying an estimated $100 per square foot. JLL’s Matthew Astrachan and Simon Landmann represented the tenant during the negotiation process, while Josh Glick and Jared Silverman handled the deal in-house for Vornado.
The 2.53-million-square-foot Penn 1 — which takes up the entire block between West 33rd and West 34th streets and Seventh and Eighth avenues — was designed by Kahn and Jacobs and developed in 1972 by Helmsley-Spear.
Notably, the building was subject to a $450 million renovation effort, which included an update to its lobby and elevators, as well as sustainability upgrades. The renovation also added 160,000 square feet of food and beverage amenities, including a full-service restaurant on the second floor. Tenants also have access to a 35,000-square-foot fitness and wellness center; 20,000 square feet of conferencing space; and 80,000 square feet of adaptable workspace.
Since its renovation work at Penn 1, Vornado managed to lease out 700,000 square feet in the 57-story building. The tenant roster includes the likes of Dell, Empire Heath, Gusto, Hartford Insurance, Jacobs Engineering, Morgan Stanley and Wells Fargo.
Samsung’s previous office location was at 123 W. 18th St. in an eight-story, Chelsea property that has been owned by the Wasserman family for more than 50 years. The company originally signed an agreement for 15,000 square feet in the building in September 2014. That same year, the company also leased 55,000 square feet at 837 Washington St. in the Meatpacking District.
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