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Gusto expands lease at Vornado’s Penn 1 in Midtown to 76,000 sf
The expansion adds 38,000 square feet via a 13-year lease extension on the 47th floor, and Gusto also renews its 52nd-floor space for five years.
Human resources technology firm Gusto is expanding its space at Vornado Realty Trust’s Midtown office tower Penn 1, also known as 1 Pennsylvania Plaza, doubling its footprint at the property, Commercial Observer reported.
The deal includes a 13-year lease expansion that adds 38,000 square feet across the tower’s 47th floor. Gusto also opted for a five-year renewal of its 52nd-floor lease, which spans an additional 38,000 square feet, bringing its total footprint at Penn 1 to 76,000 square feet.
Asking rent was $135 per square foot, per Commercial Observer. The story also said CBRE data show Penn 1’s asking rents exceed the Midtown average office asking rent of $85.55 per square foot in August.
Commercial Observer noted Penn 1 is Vornado’s largest office tower in its Penn District and underwent a $450 million renovation in 2023, adding amenities including a restaurant and a 35,000-square-foot wellness and fitness center. Tenants cited include Samsung, Dell, United Healthcare, Morgan Stanley, and Wells Fargo.