MSG Leisure is protecting its company headquarters at 2 Penn Plaza, landlord Vornado Realty Belief announced Monday.
The corporate, which operates Madison Sq. Backyard, Radio Metropolis Music Corridor and different leisure venues throughout town, signed on to a 20-year lease for 428,000 sq. toes amid the 31-story building’s renovation.
Monetary phrases of the lease weren’t introduced. MSG Leisure didn’t instantly reply to requests for remark.
2 Penn Plaza sits atop Penn Station, occupying a double-wide block between Seventh and Eighth Avenues, between thirty first and thirty third Streets. The redeveloped area will embody 1.8 million sq. toes, that means MSG Leisure will occupy roughly 1 / 4 of the constructing.
Facilities on the redeveloped Midtown constructing will embody greater than 65,000 sq. toes of out of doors area, full with a rooftop park, and a triple-pane glass curtain wall with floor-to-ceiling home windows. The redevelopment of the constructing is ready to complete within the second half of 2023.
After unveiling renderings for a Bjarke Ingels-designed redevelopment of two Penn in 2016, Vornado CEO Steve Roth revealed the REIT was considering razing the building to clear the way for new development. Nevertheless, the renovation continued with architect MdeAS Architects, YIMBY reports.
The tower is a part of an excellent larger challenge for Vornado: the redevelopment of the 10 million-square-foot Penn District, which incorporates retail and company tenants and lately has counted sizzling Manhattan workplace markets like Hudson Yards and Midtown South as shut neighbors.