PENN 1 Secures 75K-sf Lease with Financial Firm

Currently undergoing a $450 million redesign and repositioning the 1970s-vintage PENN 1 tower located at 250 West 34th Street will be welcoming Canaccord Genuity Group next year. The financial services firm signed a 15-year lease according to Crain’s New York for 75,000 square feet spanning two floors within the tower at an asking rent of $103 per square foot — a jump from the mid-$60s asking rent just two years ago. The new space will enable Canaccord to consolidate offices at 535 Madison Avenue and 33 Whitehall Street. The deal further substantiates that office tenants do not always gravitate to brand new towers in their pursuit of the frequently noted “flight to quality;” and that demand continues to exist for properties “built in the ancient 20th Century” that have undergone major reinvestment.