Vanbarton lands first tenant following a major repositioning of the Penn District asset
JLL today announced that it has completed a 14,073-square-foot lease at 31 Penn Plaza, the newly repositioned 18-story office property located on 31st Street between Sixth and Seventh avenues in the heart of Manhattan’s Penn District.
Logistics firm Flexport has leased a 14,073 square foot prebuilt unit on half of the 11th floor. Flexport will relocate from 50 West 23rd St.
The transaction follows ownership’s completion of a transformative repositioning effort that has established 31 Penn Plaza as one of the neighborhood’s premier business destinations. The recent enhancements include a conference facility and state-of-the-art amenity center — branded as GREELEY — that features a café and bar with professional catering on-site, golf simulator, game room and media lounge. Additionally, ownership has elevated its building standard finish across the latest prebuilts and has introduced a furniture program offering tenants true plug and play opportunities.
A JLL leasing team led by Christine Colley, Daniel Turkewitz, Thomas Swartz and Mitch Konsker represented Vanbarton Group. Joseph D’Apice of CBRE represented the tenant.
The Flexport lease follows recent transactions that include TPG Architecture’s 40,000-square-foot renewal and Compass Group’s 14,000 square foot expansion. Other leading tenants in the building include education software company Chegg, and pharmaceutical delivery company Capsule. 31 Penn boasts furnished prebuilts in addition to full-floor availabilities ranging from 23,000 – 27,000 square feet.
The building is located in the heart of the Penn District, surrounded by a host of technology, banking and pharma corporations that have established a presence within the transit nexus that includes Grand Central Terminal and Penn Station, where an ambitious redevelopment will create a commuter-first, world-class transit hub surrounded by neighborhood services.
JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.
About Vanbarton Group
Vanbarton Group, LLC, founded in 1992, is a vertically integrated real estate investment and advisory Firm. The Firm manages private funds and programmatic ventures for global institutional investors. With a team strategically located throughout the U.S., Vanbarton Group maintains a comprehensive market presence and investment history, further enhancing its capabilities to source and manage assets as both an owner and lender. For more information, please visit vanbartongroup.com.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
