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Snap subleases 199K SF from Verizon at Penn 2 through 2044
The long-term sublease covers about 198,983 square feet across floors 8 to 10 of 2 Pennsylvania Plaza, with the agreement running through 2044.
Snap, the technology firm behind Snapchat, is taking over Verizon’s three-floor office lease in Manhattan’s Penn District, using a sublease at Vornado Realty Trust’s 2 Pennsylvania Plaza, known as Penn 2, according to Commercial Observer citing sources familiar with the deal.
The space totals 198,983 square feet, spanning the eighth through the 10th floors, and the long-term agreement runs through 2044. The outlet also notes it is unclear whether Snap plans to relocate from its existing 229 West 43rd Street offices, where its current lease is set to expire in June 2027, or whether the Penn 2 lease would represent a second office.
Verizon will consolidate into its other New York City offices following the sublease, including its corporate headquarters at 1095 Avenue of the Americas. Cushman & Wakefield’s teams represented Verizon and Snap, and C&W declined to comment, while Verizon and Snap did not immediately respond to requests for comment.
The transaction arrives as Manhattan sublet availability has contracted by more than 26 percent over the past year to the lowest level since August 2019, according to Colliers’ July market report cited by Commercial Observer. Penn 2 is described as more than 90 percent leased after more than $2.5 million in upgrades to Vornado’s Penn District properties.